Sunday Jan 25, 2015 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Historic current account data

 Greece posts its first surplus on record in 2013, while debt was smaller than planned due to tranche delay
The growth in tourism played a major part in the shift of the current account balance from deficit to surplus last year.

By Sotiris Nikas

In yet another positive message to the country’s lenders, Greece posted a surplus in its current accounts for 2013, amounting to 1.2 billion euros, with economists agreeing that it is a first since records started in 1948.

The balance, announced on Wednesday by the Bank of Greece, reflects the improved competitiveness of the Greek economy, while the fact that it has swung 36 billion euros within just five years points to the major adjustment achieved during that period.

In 2012 Greece had a current account deficit of 4.6 billion euros while in 2011 it came to 20.6 billion. The biggest deficit recorded over the last few years was in 2008, when it had reached 34.7 billion.

The deficit of the current accounts and that of the state budget were the so-called “twin deficits” that led the country into crisis and forced it to ask for bailout loans. Now both of these parameters have turned into surpluses and the Finance Ministry is harboring genuine hopes that the country is emerging from its crisis.

“This signals the start of the reversal of the old and persistent deficit trends of the Greek economy and is a positive omen for the fulfillment of estimates for 2014 as the year of return to sustainable growth,” a ministry statement said on Wednesday.

Meanwhile, the General State Accounting Office announced that central government debt amounted to 321.4 billion euros or 177.5 percent of gross domestic product at the end of 2013, rising by 15.9 billion euros from 2012, but 400 million euros less than in the first nine months of 2013.

The 2014 budget provided for the debt to total 325.9 billion euros at the end of 2013. The difference of 4.5 billion euros is attributed to the fact that the bailout installment expected for the last quarter of 2013 has not yet been disbursed as planned because the monitoring by the country’s creditors has not yet been completed.

The 2013 debt consisted of 230 billion euros in loans and 91.2 billion euros in bonds and short-term borrowing.

ekathimerini.com , Wednesday February 19, 2014 (22:32)  
Bundesbank chief Weidmann urges new Greek government to stick to agreements
Draghi’s QE promise to Greece depends on debt-market math
Eurozone to discuss another extension
S&P sees red over ‘Euroskeptic’ governments
Exit polls suggest big margin of victory for SYRIZA
Greece's anti-austerity leftist party Syriza is on course to win Sunday's snap election by a large margin over Prime Minister Antonis Samaras' conservatives, a joint exit poll showed. Syriza...
Greece’s diplomatic missions ‘on hand to assist Greeks in Ukraine’
Foreign Minister Evangelos Venizelos (photo) expressed “deep concern” over the weekend at the escalation of violence in eastern Ukraine, following the deaths of dozens of people in bombings ...
Inside News
SOCCER
Olympiakos overcomes depleted OFI at Iraklio
Easy though it may seem, Olympiakos’s 3-0 win at depleted OFI Crete was rather difficult on Saturday, but was enough to keep the Reds on top on Saturday, as they have maintained their two-po...
BASKETBALL
Tremendous Spanoulis sweeps Laboral Kutxa
A hot second half was enough for Olympiakos to undo visiting Laboral Kutxa and score its fourth win in as many games at the second round of the Euroleague on Friday. The 76-64 final score wa...
Inside Sports
FOCUS
A SYRIZA government in Greece: what it wants and what might be possible
The left-wing SYRIZA party led by Alexis Tsipras looks likely to win the Greek general election on Sunday after campaigning on a pledge to renegotiate the country’s international bailout and...
COMMENTARY
The train
If we go by the polls, SYRIZA is set to win Sunday’s election and form a government. New Democracy did not really campaign, or perhaps it did so in a way that can only be explained if the pa...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Bundesbank chief Weidmann urges new Greek government to stick to agreements
2. Exit polls suggest big margin of victory for SYRIZA
3. Greece’s diplomatic missions ‘on hand to assist Greeks in Ukraine’
4. ANTARSYA, GD representatives attacked at polling stations
5. Thessaloniki police catch suspected Turk terrorist
6. Greek Elections 2015 Results | LIVE
more news
Today
This Week
1. Greek Elections 2015 | LIVE
2. Greeks vote for reform path or defiance
3. SYRIZA aims for landmark election win
4. Greece votes on whether to dump austerity, take on lenders
5. A SYRIZA government in Greece: what it wants and what might be possible
6. Greek Elections 2015 Results | LIVE
Today
This Week
1. Greek Elections 2015 | LIVE
2. Piraeus Bank is third lender to request ELA
3. Grexit the only way out of ‘valley of tears,’ says Hans-Werner Sinn
4. Greek Elections 2015 | LIVE
5. Fitch lowers Greece credit outlook to 'negative'
6. No debt writedown or rolling back of reforms for Greece, says Finland's Stubb
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.