Saturday April 19, 2014 Search
Weather | Athens
17o C
11o 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)  
Eurobank share offering on April 25-29
PPC to issue corporate bond of 500 mln
Primary surplus continued by end-March
Eurobank eyes top Core Tier 1 level in Greece
Greek Christians mark rare Good Friday in north Cyprus
Hundreds of Greek Orthodox pilgrims, some coming home after 40 years of forced exile, commemorated the crucifixion of Jesus in a rare Good Friday service in northern Cyprus. Held in this med...
Greece offers to help find Turkish F-16 lost in 1996
Greece officially offered on Thursday to assist Turkey in its efforts to locate and salvage a Turkish Air Force fighter jet which crashed in the Aegean almost 20 years ago. Greek Defense Min...
Inside News
BASKETBALL
Greens lose badly as CSKA Moscow
Panathinaikos has a mountain to climb in order to reach the Final Four of the Euroleague after losing at CSKA Moscow on Friday for a second time in two days, only this time it was comprehens...
BASKETBALL
Former Red Bourousis wrecks Olympiakos´s hopes for a break
Olympiakos tried harder in Game 2 of the Euroleague play-offs in Spain, and Real Madrid was not as good on Thursday as in Game 1, but the Spaniards still emerged victorious on the night with...
Inside Sports
COMMENTARY
The placebo effect and the economy
Among the greatest mistakes made in the years of Greece’s hard landing is that citizens did not get the chance to sense that aside from austerity and pain the economic adjustment program als...
COMMENTARY
Ukraine is a crisis—but not a Cold War
Given Russia’s annexation of Crimea, the imposition of US and European sanctions, and the potential for more escalation in Ukraine, we are witnessing the most important geopolitical events s...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek Christians mark rare Good Friday in north Cyprus
2. Eurobank share offering on April 25-29
3. Greens lose badly as CSKA Moscow
4. Former Red Bourousis wrecks Olympiakos´s hopes for a break
5. PPC to issue corporate bond of 500 mln
6. Greece offers to help find Turkish F-16 lost in 1996
more news
Today
This Week
1. Greek Christians mark rare Good Friday in north Cyprus
2. Eurobank share offering on April 25-29
3. Greece startup leaders say they can’t break jobless cycle alone
4. Ground-breaking Good Friday mass signals thaw in Cyprus
5. Mayoral candidates clash over Athens mosque plans
6. Seven arrested over Toumba violence
Today
This Week
1. Greece's market return mirrors return of tourists
2. Samaras sees no need for third bailout
3. Parties start announcing candidates for European Parliament elections
4. Greece startup leaders say they can’t break jobless cycle alone
5. Ground-breaking Good Friday mass signals thaw in Cyprus
6. IMF's Thomsen says Greece not fully financed to 2016
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.