Monday Jan 26, 2015 Search
Weather | Athens
15o C
9o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Budget provides for 4.5 pct contraction

 Draft includes austerity measures totaling 9.2 billion euros and sees primary surplus of 0.5 pct of GDP

By Sotiris Nikas

The draft budget for 2013, which provides for measures of 9.2 billion euros, an economic contraction of 4.5 percent and a primary surplus of 0.5 percent, will be tabled in Parliament by Finance Minister Yannis Stournaras at 11 a.m. on Wednesday.

The budget will have to get the House’s vote by November 11, as Greece’s international creditors have demanded its approval be brought forward as a condition for the disbursement of the next bailout tranche. The draft budget was originally scheduled to be tabled on November 20.

Along with the budget, the government will submit the updated midterm program as a separate chapter with a report about the measures that will have to be taken by 2016.

The rush to draft the 2013 budget meant that ministry officials had to work fast and only managed to complete the work concerning the main figures of the Greek economy on Tuesday. Sources say that the conclusion they reached last night was that the general government budget next year would have a surplus of between 0.4 and 0.6 percent of gross domestic product, while the economic contraction would go down to 4.5 percent from an estimated 6.6 percent of GDP this year.

These estimates are very different to the original ones in the first draft submitted on October 1 as well as to those included in the draft memorandum between Athens and its creditors; the recession estimates had ranged between 3.8 and 4.2 percent.

The Finance Ministry is therefore proceeding to its own estimates, which are closer to those of the country’s creditors but are not the same. Once the final text of the memorandum is ready, the two sides should be even closer. Whatever the case, the possibility of a supplementary budget in the first quarter of 2013 is highly likely if forecasts appear not to be realistic, as was the case earlier this year.

Besides the 9.2 billion euros of measures for 2013, the midterm program will also include measures for the period from 2014 to 2016, adding up to another 4.3 billion.

After the draft budget is tabled on Wednesday morning, Stournaras will participate in the Eurogroup’s conference call.

ekathimerini.com , Tuesday October 30, 2012 (22:58)  
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, Olympiakos’s 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
SYRIZA´s 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.