Monday March 30, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Uncertainty results in big contraction of public revenues

By Prokopis Hatzinikolaou

Political uncertainty is now hurting public revenues too, as in the days following the election they have declined by 28 percent compared to the level registered in the first week of May, and by 38 percent compared to the same period in May 2011.

Both individuals and enterprises appear very reserved about settling their tax affairs, which is having a direct impact on the state’s cash inflows. Therefore after the country’s creditors suddenly decided to slash the 5.2-billion-euro tranche expected yesterday -- which will affect the rate at which the state will service its current needs -- the Finance Ministry now has an additional worry.

On Thursday the European Financial Stability Facility disbursed 4.2 billion euros for Greece, which went straight into the escrow account with the Bank of Greece that serves to repay the country’s debts to its official creditors. The remaining 1 billion euros from the tranche will possibly be disbursed by June, the EFSF announced on Wednesday.

The problem with the revenues is greater given that already in April they had registered a 13.4 percent decline year-on-year. These developments, along with the election results, led a top official at the Finance Ministry to warn that unless a government is formed to negotiate with the country’s creditors, there will be a serious cash problem from the end of June.

Officials at the State General Accounting Office estimate that by just paying salaries and pensions (as the government had done last October), cash reserves will only last until the end of July, and that is provided that revenues dol not crumble and spending is contained.

ekathimerini.com , Thursday May 10, 2012 (23:09)  
Greek bourse benchmark closes at the day’s high
Kathimerini swings from loss to profit in 2014
Soros puts Grexit odds at one in three
Germany says Greece must flesh out reforms to unlock aid
Trial to start for 23 sex trafficking ring suspects
The trial of 23 suspects accused of operating a major sex-trafficking ring is due to begin in Athens on Tuesday, with the defendants facing a string of charges including running a criminal o...
Youngster sought for assaulting, robbing elderly man in Iraklio
Police in the Cretan port of Iraklio were seeking on Monday a youth who assaulted an elderly man outside a local bank and stole his monthly pension. According to local reports, the assailant...
Inside News
SOCCER
Three Greek internationals injured in Budapest car crash
Three Greek international soccer players were slightly injured on Monday in a car crash as they travelled by taxi to Budapest airport following Greece's Euro 2016 qualifying goalless draw ag...
SOCCER
Improved Greece draws 0-0 at Hungary
Greece ended up goalless with Hungary in Budapest on Sunday, on manager Sergio Markarian’s debut on the national team’s bench, a result that has left Greece at the bottom of its Euro 2016 qu...
Inside Sports
INTERVIEW
Releasing migrants from detention centers not enough, says UN rights watchdog
The Greek government's shift on immigration is “the beginning of what will no doubt be a difficult process,” according to Jan Jarab, regional representative for Europe of the High Commission...
COMMENTARY
Tsipras needs rupture with far-left, not Brussels
Does Alexis Tsipras, the Greek prime minister, have the guts to break with his far-left faction? The country’s fate hangs on the answer to this question. Greece’s immediate prospects are dic...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek bourse benchmark closes at the day’s high
2. Kathimerini swings from loss to profit in 2014
3. Trial to start for 23 sex trafficking ring suspects
4. Soros puts Grexit odds at one in three
5. Youngster sought for assaulting, robbing elderly man in Iraklio
6. Athens University calls on ities to remove anarchist protesters
more news
Today
This Week
1. ECB nerves fray on Greece as supervisors rile central bankers
2. Greek markets show all at risk should mistake trigger a default
3. Greece says not backing down on debt relief goal
4. European stock-index futures rise as investors look to Greece
5. Talks in Brussels continue but Greece and lenders 'not there yet'
6. Work on tram extension begins in Piraeus
Today
This Week
1. Next Monday is D-Day for state funds
2. Eurogroup unlikely to be held soon to discuss Greek reforms
3. PM faces Merkel amid race to detail reforms
4. Moscow expects progress from Tsipras visit
5. Some more equal than others
6. Greece to present reforms by Monday, says gov't spokesman [Update]
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.