Tuesday Jul 22, 2014 Search
Weather | Athens
29o C
22o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Athens left to its own fiscal devices

 Berlin suggests that the next tranche of bailout money will not have to come in June

By Prokopis Hatzinikolaou and Sotiris Nikas

Berlin signaled on Friday that the eurozone is unlikely to send the next tranche of bailout money to Greece before the political landscape becomes clearer in Athens, especially in terms of the application of measures agreed with the country’s international creditors. At the same time the caretaker government is putting into action plans to bolster the collection of tax revenues.

“As far as I am aware, there is no current need for external financing up until beyond the first half of the year,” German Finance Ministry spokesman Martin Kotthaus told a press conference in Berlin, adding that a delay of a few weeks would be “unproblematic.”

The next Greek bond to mature is payable on August 20 to the European Central Bank and amounts to 3.1 billion euros. It seems, however, that the eurozone has closely examined the Greek state’s cash flow and ensured that it will have enough funds to manage without the June installment -- the eurozone was scheduled to lend Greece 2.6 billion euros.

Reports yesterday suggested revenues in May are lagging by 20 to 30 percent, which, factoring in the likely delay of the June tranche, means the Finance Ministry must urgently find extra public revenues as soon as possible.

Minister Giorgos Zannias called an extraordinary meeting on Friday with his general secretaries and decided to adopt three measures to boost revenues. These are an increase in checks to identify corporations and self-employed people who do not pay value-added tax, the delivery of notices for the payment of overdue debts to the state, and the issue of guidelines for working groups monitoring taxpayers with sizable wealth and real estate.

On Monday Zannias will begin a round of meetings with the heads of the country’s biggest tax offices, which together cash in about 80 percent of revenues, in a bid to draft a plan for a revenues rebound.

The minister is also particularly worried by the considerable drop in revenues from special consumption taxes, which in the January-April period have declined by 1.7 billion euros on an annual basis.

ekathimerini.com , Friday May 25, 2012 (22:37)  
BoG rejects single bad bank
PPC rate hikes to apply as of this Friday
Fage to increase strained yogurt production at its New York plant
Crete is most the popular Greek island
Piraeus prosecutor investigating use of funds for building renovation
A Piraeus prosecutor has launched an investigation into the alleged misappropriation of state funding by the Piraeus Society, one of Greece's oldest sports clubs, for the renovation of its h...
Greeks getting better at recycling, though still Europe´s laggards
Greeks are getting better at sorting their trash and recycling, a recent study by environmental group WWF Greece has found, though they are still Europe's laggards. In 2007, only 58 percent ...
Inside News
TRACK & FIELD
Pole vault record on same day as three doping cases
Greek track and field had a mixed weekend, as on the same day as Katerina Stefanidi matched the national record in pole vault as well as the leading result in Europe so far this season, thre...
SOCCER
Standard Liege on Panathinaikos’s way
The draw for the third qualifying round of the Champions League on Friday has put Belgian league runner-up Standard Liege on Panathinaikos’s way to the competition’s play-offs, meaning the G...
Inside Sports
COMMENTARY
Unequal after death
The dead are dead and the slain are slain, whether they are Malaysian, Dutch, Palestinian or Israeli, whether they are the innocent victims of a civilian plane that is shot down (we still do...
EDITORIAL
Chinese investment
The relationship between Greece and China has become one of major strategic importance. Beijing threw its support behind Athens during a period when the country was going through particularl...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Piraeus prosecutor investigating use of funds for building renovation
2. Greeks getting better at recycling, though still Europe´s laggards
3. Ministers asked to sign off on prior actions so 1-bln-euro tranche can be secured
4. Athens seeks EU aid for migration
5. SYRIZA MEP to raise German war ‘debts’ at Euro Parliament
6. Girl, 9, in serious condition after being hit by car in Crete
more news
Today
This Week
1. Unequal after death
2. Chinese investment
3. Greeks getting better at recycling, though still Europe's laggards
4. Piraeus prosecutor investigating use of funds for building renovation
5. Climber dies in Mount Olympus fall
6. Retail chief unimpressed by results of Sunday opening
Today
This Week
1. China and Greece agree to further cooperation in transportation, infrastructure
2. Ex-Credit Suisse banker taps lesson for Greek rebound
3. Pay-TV booms as cash-strapped Greeks shun depressing news shows
4. The cost of excellence
5. Greece seen in third bailout as bonds not enough, economists say
6. Summer storms cause problems in Thessaloniki, spread across the country
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.