Friday October 24, 2014 Search
Weather | Athens
19o C
12o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Surplus rules out need for measures

 Latest data on 2013 budget execution vindicate Greek position that there will be no fiscal gap this year

By Sotiris Nikas

The government is close to reaching an agreement with creditor representatives on the level of Greece’s primary surplus for 2013, a senior Finance Ministry official said on Tuesday.

The official explained that the two sides had agreed on the figures for the execution of the 2013 budget, although some “marginal differences” still exist regarding the course of the figures for January and February 2014 which are inscribed in last year’s budget.

The signals are positive, as according to data that Alternate Finance Minister Christos Staikouras published on Tuesday, the 2013 general government budget presented a primary deficit of 451 million euros on a cash basis at the end of January 2014 against a target for a deficit of 1.377 billion euros – i.e. 926 million euros better than expected.

However it is the target of the Fiscal Policy Program, which the country’s creditors take into account when determining the course of Greece’s streamlining process, that truly matters. Finance Ministry officials expect the primary surplus target of 812 million euros to be exceeded, while the primary surplus as calculated by Eurostat could even surpass 3.9 billion euros.

A senior Finance Ministry official said on Tuesday it is still impossible to make a safe forecast regarding the eventual size of the primary surplus for 2013 on a fiscal basis, as the first two months of 2014 have not yet been completed and part of their figures are included in last year’s budget.

The same official noted that the ministry and the creditor representatives are now engaged in establishing the positive impact of the 2013 primary surplus on the 2014 budget. Asked if this would cover the 2014 fiscal gap, he noted that he did not believe there was “a fiscal gap for 2014 and the current data are vindicating our view,” therefore ruling out the requirement for new austerity measures this year aimed at covering a budget gap.

Ministry officials poignantly stressed yesterday that the Greek side has forwarded data concerning the course of the country’s finances to the creditors, but has not yet received a response.

ekathimerini.com , Tuesday February 11, 2014 (22:21)  
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. No decisions yet on Greek bailout, says Samaras
4. Speculation mounts ahead of stress test result issue
5. S&P upgrades Cyprus on bailout deal commitment
6. Greek bonds extend first weekly advance since September
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. ECB vies for third time lucky in European stress tests
4. Venizelos slams Turkey for 'flagrant violation of international law' off Cyprus
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.