Monday November 24, 2014 Search
Weather | Athens
18o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Primary surplus gives govt leeway

 Revenues to exceed spending by 950 mln euros, allowing for the use of 70 pct of that for social policies

By Sotiris Nikas

The government presented data on Tuesday on the 2013 budget which showed a primary surplus of at least 691 million euros, a figure that may well rise up to 950 million when anticipated revenues are cashed in. This would allow the government to have a package of some 700 million euros to spend on benefits ahead of the European elections in May.

The final figure, Finance Ministry officials say, will exceed the 812 million euros the 2014 budget had factored in for 2013, and compares with a primary deficit of 2.3 billion euros anticipated in the 2013 budget drafted in November 2012.

The figures presented by Alternate Finance Minister Christos Staikouras showed that net budget revenues beat the target by 1.5 billion euros, amounting to 52.9 billion, largely thanks to the return to Athens of the Eurosystem earnings from Greek bonds. Expenditure also beat its target by 1.5 billion euros, amounting to 52.2 billion against a forecast 53.7 billion. That was mostly due to cuts in primary spending of about 600 million euros as well as to the Public Investments Program, of 200 million.

According to the governments pledge to return 70 percent of the final primary surplus now expected at 950 million euros to society, just under 700 million euros will be used for the so-called social policy, and the plans for that are already in place. Senior ministry officials have strongly emphasized that the prime ministers pledge to that effect remains valid, with the bulk of the surplus going to those who have suffered the most as a result of the financial crisis. They add that this policy will be implemented once Eurostat has confirmed the final amount of the primary surplus, which is expected on April 23 i.e. one month ahead of European and local elections.

This will allow the government to proceed to certain targeted interventions that just before the end of the bailout program will signal the countrys gradual emancipation from the tight financial control of the last few years.

Still, the countrys creditors would rather see that 700 million being used as a safety cushion to secure the achievement of the agreed primary surpluses of 2014, 2015 and 2016.

ekathimerini.com , Tuesday Jan 14, 2014 (22:15)  
Athens deserves slack from creditors
Transfer tax to be based on actual property cost, not objective value
Key general meeting at OLP on Tuesday
Agenda
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the partys former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
BASKETBALL
Olympiakos ends PAOKs unbeaten run in Basket League
Olympiakos put an end to PAOKs unbeaten run in the Basket League with an emphatic win at the Peace and Friendship Stadium, leaving Panathinaikos as the only team with a perfect record so fa...
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Olympiakos ends PAOKs unbeaten run in Basket League
2. Athens deserves slack from creditors
3. Transfer tax to be based on actual property cost, not objective value
4. Key general meeting at OLP on Tuesday
5. Agenda
6. Carlsberg to use Greece as regional junction
more news
Today
This Week
1. Extremism from a bygone era
2. No call for more games
3. Carlsberg to use Greece as regional junction
4. Transfer tax to be based on actual property cost, not objective value
5. Key general meeting at OLP on Tuesday
6. Agenda
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Anti-junta uprising anniversary to be marked amid tight security
4. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
5. Every age has its collaborators
6. Give Greece a chance
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.