Thursday November 27, 2014 Search
Weather | Athens
14o C
8o 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)  
Lower provisions and energy costs boost Greece´s PPC Q3 profit
Eurozone loans to private sector still contracting: ECB
Eurozone economic sentiment rises slightly in November
Bank of Cyprus posts 76 million euro nine-month profit
Greece says EU/IMF bailout exit could be delayed for ´technical´ reasons
Greece may have to delay by a few days or weeks its planned exit from an EU/IMF bailout by the end of the year, the country's deputy prime minister said on Thursday, citing "technical reason...
Ship with 700 migrants safely towed to Greek coast
Officials say a broken-down smuggling ship carrying 700 men, women and children trying to emigrate to Europe has been safely towed to just off the southern Greek island of Crete. Authorities...
Inside News
SOCCER
Atletico drubs Olympiakos 4-0, leaving Reds with slim chances of CL qualification
Atletico Madrid avenged its 3-2 defeat in Piraeus in September with a 4-0 win over Olympiakos on Wednesday, meaning the Greek champion only has mathematical hopes left for a spot in the next...
SOCCER
Atletico eyes last 16 berth against Olympiakos
Greek champion Olympiakos faces a tough task if it is to prevent last season's beaten finalist Atletico Madrid sealing its passage into the last 16 of the Champions League at the Vicente Cal...
Inside Sports
COMMENTARY
Scraping together the 180 MPs will not be enough
Even if the coalition government was to scrape together the 180-MP majority it needs to elect a new President in the 300-seat House, skeptics say, what will change really? There is one evide...
EDITORIAL
Taking back what’s stolen
A large group of public prosecutors and state officials (coming from various departments) have been working on major corruption cases. Of course it is their duty to do so, yet their actions ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Lower provisions and energy costs boost Greece´s PPC Q3 profit
2. Eurozone loans to private sector still contracting: ECB
3. Eurozone economic sentiment rises slightly in November
4. Bank of Cyprus posts 76 million euro nine-month profit
5. Greece says EU/IMF bailout exit could be delayed for ´technical´ reasons
6. Ship with 700 migrants safely towed to Greek coast
more news
Today
This Week
1. Greece paralyzed by major strike, flights cancelled
2. Troika talks to continue after failure to wrap up negotiations in Paris
3. Greece scrambles to find food, shelter for 700 migrants on crippled ship
4. Greek diplomat dies in fall under Thai train
5. Chief suspect in Piraeus bar shooting arrested
6. Greek, German, Portuguese, Spanish debt to benefit most from ECB QE - ABN Amro
Today
This Week
1. Give Greece a chance
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Scientists expand excavation of ancient Amphipolis
4. Extremism from a bygone era
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Cosco’s Greek unit adds multinational rail-freight client
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.