Friday October 31, 2014 Search
Weather | Athens
18o C
13o 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 country’s 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 state’s 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)  
Cyprus ruling opens way for bailout funds
Yields on Greek debt fall 22 basis points
Piraeus Bank paves way for share capital increase
Big monthly drop for stocks
Ministry swap halts talk of reshuffle as reforms eyed
Prime Minister Antonis Samaras on Friday appointed Nikos Dendias as defense minister, replacing outgoing Dimitris Avramopoulos, who assumes the European Commission’s immigration portfolio ne...
Holocaust memorial in Athens vandalized
The government on Friday condemned the desecration of the Holocaust memorial in Athens after it was vandalized with graffiti signed by the far-right group “Unaligned Meander Nationalists.” I...
Inside News
BASKETBALL
Obradovic watches Greens thrash his Fenerbahce
The second homecoming of former Panathinaikos coach Zeljko Obradovic, now at Fenerbahce, was not as emotional as last year’s, but it was certainly was the night of an emphatic triumph for th...
SOCCER
Berg returns to add spice to Panathinaikos´s Cup win
The second round of games for the group stage of the Greek Cup produced plenty of interesting games and results in midweek, but it still lags the upset potential that the knock-out stages of...
Inside Sports
COMMENTARY
The judiciary’s responsibility
The reform efforts over the past few years have begun to bear fruit. Greece has improved its standing in the World Bank’s Doing Business rankings, rising 48 positions from 2010 to 61st place...
EDITORIAL
Findings raise eyebrows
An investigation into money transferred to foreign banks by civil servants since 2010, when Greece’s brutal debt crisis erupted, has come up with some striking findings. The checks, which we...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Ministry swap halts talk of reshuffle as reforms eyed
2. Cyprus ruling opens way for bailout funds
3. Yields on Greek debt fall 22 basis points
4. Holocaust memorial in Athens vandalized
5. Piraeus Bank paves way for share capital increase
6. Municipalities damaged by floods to start receiving compensation
more news
Today
This Week
1. Man shot dead, woman injured in Vathis square attack
2. Archaeologists find underground vault at Amphipolis tomb
3. Cyprus’s Georgiades bets on economy for Irish-style bailout exit
4. Greek retail sales rise for third month in a row
5. Germany’s 10-year bonds decline before euro-area inflation data
6. New defense minister to be appointed without reshuffle
Today
This Week
1. Austria’s creative bookkeeping beats Greece on secret debts
2. End of reason, end of humanity
3. Clean bill of health for Greek banks from stress tests
4. Samaras pledges action after flash floods in Athens
5. Eurobank, National Bank restructurings eliminate capital gap
6. Athens flood damage assessed, compensation payments to begin
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.