Wednesday August 27, 2014 Search
Weather | Athens
31o C
24o 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)  
New property tax details out
Minister takes up SMEs’ cause
Tender for telecoms upgrade near
Cosco, spurred by container activity, posts 23 pct profit rise
ND gains one deputy as ousted MP sworn in Lamia mayor
Independent deputy Nikos Stavrogiannis on Wednesday resigned from Parliament in order to be sworn in as mayor of Lamia, central Greece. Stavrogiannis is a former New Democracy MP who was ous...
Gov’t seeks to douse presidency speculation
The government on Tuesday sought to douse growing speculation about Democratic Left (DIMAR) leader Fotis Kouvelis being lined up as a nominee for the Greek presidency as lawmakers from the c...
Inside News
SOCCER
Roma signs Greece defender Manolas from Olympiakos for 13 mln
Greece international Kostas Manolas has joined Roma on a €13 million ($17 million) transfer from Olympiakos, as coach Rudi Garcia looks to strengthen his worrisome defense before Serie A sta...
SOCCER
Panathinaikos held in Super League opener, loses striker Berg to injury
Panathinaikos suffered a traumatic debut in the Super League on Sunday as they were held to a 1-1 draw by Levadiakos and lost star striker Marcus Berg for up to three months. The Swedish pla...
Inside Sports
COMMENTARY
Diplomacy, not dogmatism
A friend who moves comfortably within the circles of the European establishment recently described a particularly interesting experience when he found himself in a discussion behind closed d...
EDITORIAL
Preachers of hatred
Engaging in public dialogue regarding whether the anti-racism bill is mandatory and sensible is both legitimate and necessary at this current point in time. In the meantime, however, regardl...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. ND gains one deputy as ousted MP sworn in Lamia mayor
2. New property tax details out
3. Minister takes up SMEs’ cause
4. Roma signs Greece defender Manolas from Olympiakos for 13 mln
5. Tender for telecoms upgrade near
6. Gov’t seeks to douse presidency speculation
more news
Today
This Week
1. ND gains one deputy as ousted MP sworn in Lamia mayor
2. The battle against progress
3. Taxpayers granted six installments to pay property tax
4. Air force jet goes down in northern Greece; pilot believed safe
5. Fighter pilot confirmed safe after plane crashes during exercises
6. De-escalating the tension
Today
This Week
1. Carved sphinxes at Ancient Amphipolis tomb will not be removed
2. Brussels warns Greece over plans to allow construction near Korinos beach
3. Logged out of reality
4. Merkel cites euro’s ‘construction flaws’ as economy sputters
5. Second man held over double murder in Mani
6. Greek stock recovery fading away as ASE falls 21 pct on valuations
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.