Monday Jan 26, 2015 Search
Weather | Athens
15o C
9o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Painful Greek austerity bit into 2011 budget gap [update]

Battered Greece saw its budget deficit fall to 9.1 percent of gross output last year as severe austerity required to secure international aid bit into spending.

Athens managed a 1.2 percentage point fiscal improvement compared with 2010 but its primary budget balance -- which excludes debt servicing costs -- has yet to move into surplus as a deep economic slump continues.

Greece's economy is in its fifth year of recession and could contract by more than 4.8 percent this year. Unemployment is also a record high, hitting tax receipts and requiring more spending on jobless benefits.

"According to provisional data, the deficit of the general government, as measured under the excessive deficit procedure (EDP) is estimated at 19.6 billion euros or 9.1 percent of GDP, the statistics agency ELSTAT said on Monday.

Fiscal austerity measures including income and property tax increases, a rise in value-added tax rates and cuts in wages and pensions, has helped Athens shrink the budget gap from 15.6 percent of GDP in 2009.

Greece, which is set for a national election on May 6, aims for a budget gap of 6.7 percent this year and a primary deficit of 0.

After two years of austerity to tackle its debt crisis, the country is suffering major economic upheaval. Unemployment is at a record 21.8 percent with joblessness among youth at a rate where more are out of work than in.

It is not about to get any easier.

Whoever wins the election will have to agree additional spending cuts of 5.5 percent of GDP or about 11 billion euros ($14.5 billion) for 2013-2014 and gather about another 3 billion euros from better tax collection to keep getting aid, the IMF has said.

The European Union and International Monetary Fund have place strict conditions on Greece receiving bailout money to help it settle its massive debt requirements.

ELSTAT said gross public debt rose to 165.3 percent of GDP last year from 145 percent in 2010. [Reuters]

ekathimerini.com , Monday April 23, 2012 (14:47)  
Greek bonds slip on Syriza victory as ECB buying mutes contagion
ECB cannot agree to debt relief for Greece, board member says
Talks with troika the main test
Fiscal gap from revenues at 2.3 bln euros
Finnish PM says ready to discuss bailout extension for Greece
Finland is ready to discuss extensions for Greece's bailout program if its new government can commit to existing agreements and promised structural reforms, Prime Minister Alexander Stubb sa...
Tsipras moves to form anti-austerity government after crushing victory
Greek leftwing leader Alexis Tsipras will move on Monday to build a stable government that can take on international lenders and reverse years of painful austerity following a crushing elect...
Inside News
SOCCER
Olympiakos overcomes depleted OFI at Iraklio
Easy though it may seem, Olympiakoss 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
COMMENTARY
SYRIZAs win will test institutions
Greece was at an impasse, with a government that did not believe in what it was doing and an opposition that declared with passionate intensity that whatever the government did was wrong and...
COMMENTARY
The challenge for Tsipras and others
A few years ago, an associate of mine who had met with Alexis Tsipras when the young politician was running for Athens mayor told me how impressed he had been by his confidence. Tsipras was ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Greek bonds slip on Syriza victory as ECB buying mutes contagion
2. ECB cannot agree to debt relief for Greece, board member says
3. Finnish PM says ready to discuss bailout extension for Greece
4. Tsipras moves to form anti-austerity government after crushing victory
5. Greek Elections 2015: The day after | LIVE
6. SYRIZA heads for historic victory but without majority
more news
Today
This Week
1. SYRIZA heads for historic victory but without majority
2. Greek Elections 2015: The day after | LIVE
3. SYRIZA's win will test institutions
4. SMART WATER Project: Outputs and conclusions of the final conference
5. Finnish PM says ready to discuss bailout extension for Greece
6. Tsipras moves to form anti-austerity government after crushing victory
Today
This Week
1. Greek Elections 2015 | LIVE
2. Grexit the only way out of valley of tears, says Hans-Werner Sinn
3. Greek Elections 2015 | LIVE
4. No debt writedown or rolling back of reforms for Greece, says Finland's Stubb
5. Greeks fork out nearly 5 pct of their incomes on telecom services
6. QE exclusion a de facto Grexit
Advertiser Link
SMART WATER Project: Outputs and conclusions of the final conference
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.