Saturday March 28, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
State to get hands on HFSF funds

 Accounting Office report warns revenues may miss target by 1.35 billion euros

The Finance Ministry is considering using the funds that the Hellenic Financial Stability Facility (HFSF) has at its disposal to secure some desperately needed cash for the state for as long as possible.

The HFSF possesses some 3 billion euros intended for the recapitalization of the countrys credit system, but the state has the authority to use it to cover its own obligations, especially for July when it is likely to fall into the red.

The ministry is examining various plans regarding how to increase the states liquidity as it is now understood that the next tranche from the bailout mechanism cannot be expected before the end of July.

This was the subject of a meeting led by Finance Minister Giorgos Zannias on Thursday at the State General Accounting Office, which heard that given the delay in the collection of tax revenues and the possible extension to the deadline for the submission of tax statements by at least 15 days, the use of the HFSF funds appears imperative from as early as late June.

A report by the State General Accounting Office in fact suggests that the budget revenues target this year will have to be revised, as there is a forecast for a lag of 1.35 billion euros. This is mainly attributed to income tax revenues (seen missing their target by 330 million euros) due to cuts in salaries and pensions, direct taxes from previous years (275 million), transaction taxes (209 million), special consumption taxes (110 million), and the postponement of the early renewal of the Athens International Airport concession contract (230 million).

May has been a particularly bad month as far as state revenues are concerned, as in the first 20 days of the month that included a general election the inflow to public coffers was 20 percent lower than in the same month last year.

The ministry is pinning its hopes on the payment of corporate tax in the last 10 days of this month and the Special Property Tax of 2009 due by June 30.

ekathimerini.com , Thursday May 24, 2012 (22:03)  
Bank accounts continue to bleed
Hania and Athens are the top picks for Easter visitors
Landlords to pay tax on unpaid rent
Air arrivals grow 20 pct in Jan-Feb 2015
Defense minister Kammenos sues commentator for 1 mln euros
Defense Minister Panos Kammenos has sued commentator Andreas Petroulakis for 1 million euros in damages over a critical article posted on the Protagon website on March 17. In a statement pos...
Reform talks move to Brussels
The Brussels Group, technical teams from Greece and its lenders, is on Saturday due to begin discussing the details of Athens reform proposals, which were completed Friday and will determine...
Inside News
BASKETBALL
Greens live dangerously in Istanbul
Panathinaikos played with fire in Istanbul, but still managed to beat Galatasaray 86-84 on Friday and climb to the third sport of its group two games before the end of the Euroleague top-16....
SOCCER
Greek federation backs injured Holebas
The Greek soccer federation on Friday insisted that international defender Jose Holebas had been dropped from team training in Austria because of injury and not for any other reason. Media r...
Inside Sports
COMMENTARY
Time to get moving
More than two months have passed since the elections and the government has to stop running around in circles and adopt a program of specific reforms, with detailed calculations as to their ...
EDITORIAL
The same old story
One of those infamously bad practices that the political system has been accused of for years is being propagated by the new government today, as it is appointing party cadres and politician...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Greens live dangerously in Istanbul
2. Bank accounts continue to bleed
3. Hania and Athens are the top picks for Easter visitors
4. Landlords to pay tax on unpaid rent
5. Air arrivals grow 20 pct in Jan-Feb 2015
6. Cash injection from state debtors
more news
Today
This Week
1. Greek future as trade hub in limbo amid Syriza split on railways
2. Greek gov't denies finance minister Varoufakis to resign [Update]
3. Bundesbank's Weidmann says euro zone debt in 'danger zone,' opposes more aid for Greece
4. New Democracy's political council convenes to decide line opposite gov't
5. Clocks go forward one hour on Sunday
6. Berlin says has no exact information about Greek reforms
Today
This Week
1. Next Monday is D-Day for state funds
2. EU asks Greece for more reforms to speed talks on bailout
3. PM faces Merkel amid race to detail reforms
4. Some more equal than others
5. Greece to present reforms by Monday, says gov't spokesman [Update]
6. Looking at the Chinese model
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.