Wednesday Jan 28, 2015 Search
Weather | Athens
14o C
9o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece likely to miss Eurostat deadline for reassessed figures

By Sotiris Nikas

The country’s statistics on the economy look set to be thrown into doubt once again, as it appears Greece will miss a deadline to submit a reassessment of economic data covering the period from 1995 to 2013, a Eurostat demand on all European Union member states.

This latest bout of doubt, if it occurs, would concern historical data, not the current economic figures.

All EU members face a September 22 deadline to deliver reassessed figures as part of a new accounting framework, ESA 2010, imposed by Eurostat, which will present the results on October 10.

The EU’s statistical service is awaiting revised GDP, deficit and debt figures based on new ESA 2010 criteria. Its processing of entries such as public utilities and defense spending is expected to produce different deficit and debt results for the years 1995 to 2005.

ELSTAT, Greece’s statistical authority, is believed to be on schedule for its reassessment of GDP results, but is said to be behind in its reworking of deficit and debt figures. ELSTAT chief Andreas Georgiou told the Finance Ministry to begin work on its part of the task in January, but the ministry has reportedly only just assembled its team.

Should the ministry not send all necessary historical data to ELSTAT within the next few days, there is no way it will be able to process the information and provide its final results to Eurostat on time. If so, the Greek statistical service would miss out on sending Eurostat any revised deficit and debt data prior to 2006. In this event, legal action could be taken against Greece.

The current deficit and debt figures are said to be beyond any doubt as ELSTAT has already conducted reassessment procedures from 2006 onward, as required.

However, failure to meet Eurostat’s deadline would spark unnecessary reaction and undermine Greece’s improved standing in terms of credibility.

The period prior to 2006 includes two crucial issues. New light would be shed on Greece’s preparation for Economic Monetary Union, between 1995 and 2005, requiring a GDP deficit of less than 3 percent, and could spark renewed debate about whether the country should have entered the eurozone or not.

Also, ongoing debate on New Democracy policies while the party was in power in 2004-09, and whether they led to the bailout, could provide fresh information.

ekathimerini.com , Wednesday August 27, 2014 (19:43)  
Nobel prize-winning economist says it’s time to buy Greek stocks
Greece to freeze plans to privatize power utility PPC, new Energy Minister says
Greek tourism rise outshines global gains
Dritsas announces cancellation of OLP sale
Greece´s looming clash in Europe starts with sanctions on Russia
Greece’s new government questioned moves to impose more sanctions on Russia, adding a foreign-policy angle to its challenge to the status quo in Europe. Prime Minister Alexis Tsipras’s SYRIZ...
EU toughens stance after Tsipras names cabinet
A day after Alexis Tsipras became prime minister of Greece, the euro region hardened its rhetoric. Germany and the Netherlands led warnings to the new anti-austerity Greek government about r...
Inside News
SOCCER
PAOK strikes deal with Portugal´s Ricardo Costa
PAOK announced on Tuesday its agreement with Portuguese international defender Ricardo Costa. The Thessaloniki club added that the player is expected on Wednesday to undergo a medical test a...
BASKETBALL
Basket League favorites survive challenges on the road
PAOK consolidated its position in the top three of the Basket League with a triumph at AGO Rethymnou on Saturday, while Olympiakos and Panathinaikos emerged victorious from their tough away ...
Inside Sports
COMMENTARY
EU must accept that Greek debt relief is inevitable
A prediction for you: Greece and the European Union will split the difference in their quarrel over debt relief. What's uncertain is how their respective governments will justify the new dea...
COMMENTARY
A turn toward responsibility
Whatever is meant to happen with regard to the new government’s negotiations with the country’s partners and creditors will happen swiftly as political correctness and established diplomatic...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece´s looming clash in Europe starts with sanctions on Russia
2. Nobel prize-winning economist says it’s time to buy Greek stocks
3. Greece to freeze plans to privatize power utility PPC, new Energy Minister says
4. EU toughens stance after Tsipras names cabinet
5. Athens may veto further EU sanctions against Russia
6. PAOK strikes deal with Portugal´s Ricardo Costa
more news
Today
This Week
1. Athens may veto further EU sanctions against Russia
2. A turn toward responsibility
3. EU toughens stance after Tsipras names cabinet
4. Greece to freeze plans to privatize power utility PPC, new Energy Minister says
5. Nobel prize-winning economist says it’s time to buy Greek stocks
6. Greece's looming clash in Europe starts with sanctions on Russia
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. Greek Elections 2015 | LIVE
4. Greeks fork out nearly 5 pct of their incomes on telecom services
5. Unsupervised voting
6. QE exclusion a ‘de facto Grexit’
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.