Monday May 25, 2015 Search
Weather | Athens
14o C
09o 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)  
Finance Ministry lines up changes to car taxation
Luxury Pentelikon Hotel in northern Athens closes down
Euro weakens on Greece as emerging stocks, Spanish bonds decline
Spanish shares fall after vote as Greek stocks drop second day
Greece to keep repaying creditors – as long as it can
Struggling Greece will keep on repaying its EU-IMF creditors for as long as it can, with some 300 million euros due next week and no deal in talks over the country’s remaining bailout funds,...
Bulgaria, Greece, Turkey join hands to fight migration
Bulgaria, Greece and Turkey agreed on Monday to set up a common border police and customs centre to combat a surge in illegal migration. "This agreement guarantees closer cooperation of the ...
Inside News
SOCCER
Berg brace gives Panathinaikos four-point lead
Panathinaikos beat Atromitos on Sunday and took advantage of the goalless draw between PAOK and Asteras Tripolis to open a four-point gap from PAOK at the top of the Super League play-off mi...
SOCCER
Reds add Cup to league trophy with 3-1 win over Xanthi
Olympiakos completed a league-and-cup double on Saturday by beating Xanthi 3-1 in the Greek Cup final at the Olympic Stadium of Athens, that was more balanced than the final score suggests. ...
Inside Sports
Greece needs a second election
Most scenarios facing Greece are bleak. The country could default, introduce capital controls, forcibly convert savers’ deposits into bank capital, quit the euro and so forth. But there is s...
COMMENTARY
No more ´quick and dirty´ fixes for Greece
International Monetary Fund Managing Director Christine Lagarde correctly said last week that the protracted negotiations between Greece and its official creditors required «a comprehensive ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece to keep repaying creditors – as long as it can
2. Bulgaria, Greece, Turkey join hands to fight migration
3. Finance Ministry lines up changes to car taxation
4. Luxury Pentelikon Hotel in northern Athens closes down
5. Sakellaridis hopeful of deal with lenders, dismisses talk of capital controls
6. Euro weakens on Greece as emerging stocks, Spanish bonds decline
more news
Today
This Week
1. No more 'quick and dirty' fixes for Greece
2. ND's Bakoyannis fears capital controls over long weekend
3. Greece calls on creditors to compromise as IMF payment nears
4. Brussels Group talks to resume Tuesday with VAT, pension topping agenda
5. Tourist dies in rockfall on beach in Crete
6. Greece needs a second election
Today
This Week
1. The Greek-German breakthrough that didn’t come
2. Conspiracy madness
3. Greece came close to not paying IMF
4. National self-awareness put to the test
5. Albanian demarche raises concerns about possible territorial claims over Greece
6. Greek endgame nears for Tsipras as bank collateral hits buffers
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.