Friday October 24, 2014 Search
Weather | Athens
19o C
12o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Primary surplus reached 2.5 bln euros in Q1

By Sotiris Nikas & Prokopis Hatzinikolaou

The general government primary budget surplus in the first quarter of the year amounted to 2.5 billion euros, according to data released on Wednesday by the Finance Ministry. That is three times the size of the primary surplus a year earlier, which had come to 770 million euros.

The figures compiled by the State General Accounting Office showed that this 1.73-billion-euro improvement is attributed to the social security system, as its organizations received 1.15 billion euros less from the state budget in the January-March period than in the same quarter of 2013. The funds covered a large part of this reduction by slashing the amount spent on pensions by 285 million euros and healthcare expenditure by 233 million euros.

The accounting office’s detailed data point to a central government budget deficit of 1 billion euros, against 2.5 billion in the first quarter of last year. Central government bodies showed a surplus of 496 million euros against a deficit of 108 million last year.

The surplus of local authorities shrank to 298 million euros this year from 417 million a year earlier, while the social security organizations’ surplus dropped to 812 million euros from 1.1 billion last year, owing to the reduction in budget funding and despite the reduction in spending on pensions and healthcare.

The general government budget showed a surplus of 529 million euros, with the primary surplus, which excludes interest payments, coming to 2.5 billion. The state debt amounted to 320.4 billion euros in the first quarter of the year, slightly less than that a year earlier (321.4 billion).

Meanwhile private sector debts to the state and vice versa are continuing to mount, highlighting the economy’s persistent cash flow problems.

The data published by the ministry showed that taxpayers and corporations failed to meet obligations amounting to 3.56 billion euros in the first quarter of 2014. At the same time the state’s dues to the private sector grew by 549 million euros, reaching a total of 5.19 billion euros.

ekathimerini.com , Wednesday May 7, 2014 (23:39)  
Speculation mounts ahead of stress test result issue
S&P upgrades Cyprus on bailout deal commitment
Greek bonds extend first weekly advance since September
Weekly rise of 6.4 pct for ATHEX
Athens, Nicosia satisfied by EU leaders´ stance toward Ankara
A reference in Friday’s European Council conclusions calling on Turkey to respect Cyprus’s sovereign rights left Athens and Nicosia content with the outcome of the European Union leaders’ su...
Suspended policeman chief suspect in cousin’s murder
A 27-year-old police officer who has been suspended from duty since 2013 for extortion, is being treated as the chief suspect in a murder committed in a suburb of Piraeus on Thursday. Police...
Inside News
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
BASKETBALL
Greens succumb to first loss at Bayern
Panathinaikos’s unbeaten run in all competitions came an end on Thursday as the Greek champion lost 81-75 at Bayern Munich for the Euroleague. Bayern is a team that improves every year, and ...
Inside Sports
COMMENTARY
Tension for tension’s sake?
It is evident that Turkish President Recep Tayyip Erdogan feeds off tension. He would barely have achieved as much as he has – and prevailed – if he had not been so keen to confront a series...
EDITORIAL
Testing ground
The Regional Authority of Attica is a good testing ground for politicians who appear to thrive on accusations to prove whether they can actually solve major problems of a practical nature. T...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Athens, Nicosia satisfied by EU leaders´ stance toward Ankara
2. Suspended policeman chief suspect in cousin’s murder
3. Speculation mounts ahead of stress test result issue
4. S&P upgrades Cyprus on bailout deal commitment
5. Greek bonds extend first weekly advance since September
6. Weekly rise of 6.4 pct for ATHEX
more news
Today
This Week
1. Woman killed in tram accident in Floisvo, south of Athens
2. Clocks to go back 1 hour on Sunday
3. Venizelos slams Turkey for 'flagrant violation of international law' off Cyprus
4. ECB vies for third time lucky in European stress tests
5. ECB bank assessment to show 6-billion-euro capital gap, Citi says
6. Cyprus GDP upgrade seen as boosting bailout exit plans
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greece’s closed society is central to its current malaise
3. Coalition shooting itself in the foot
4. Greece must stick to reforms, says Schaeuble
5. At least 11 banks to fail European stress tests, three in Greece, report says
6. Cyprus to block Turkey's EU talks after EEZ violation
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.