Thursday April 17, 2014 Search
Weather | Athens
15o C
11o 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 Houseís vote by November 11, as Greeceís 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 countryís 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 Eurogroupís conference call.

ekathimerini.com , Tuesday October 30, 2012 (22:58)  
Greek current account deficit widens in February
National Bank of Greece plans senior unsecured bond sale
Yield on first post-default Greek bond falls to issuance level
Greece startup leaders say they canít break jobless cycle alone
Lafazanis denies speculation of rift within SYRIZA party
SYRIZA MP Panayiotis Lafazanis, who leads the man opposition party's so-called Left Platform, on Thursday sought to play down reports of a heated argument with party leader Alexis Tsipras du...
Homemade bomb targets car of deputy Parliament speakerīs wife
A homemade explosive device on Thursday destroyed the car of deputy Parliament Speaker Giorgos Kalantzis's [photo] wife. The vehicle was parked outside the couple's home in Kavala, northern ...
Inside News
SOCCER
Greek soccer turns fishier than ever
Soccer in Greece reached new lows in scenes unseen since the national teamís triumph in Euro 2004, as PAOK and Olympiakos served up a cup semifinal with PAOK emerging as the winner and the s...
BASKETBALL
Greens within a whisker of upsetting CSKA Moscow
Panathinaikos came mighty close to snatching home advantage from CSKA Moscow in Game 1 of the Euroleague play-offs on Wednesday, but eventually succumbed to its host in Russia in overtime, w...
Inside Sports
EDITORIAL
Transparency of political party funding
Ensuring transparency in the funding of political parties and the manner in which they choose to spend their funds are crucial to the smooth functioning of our democracy. After all, most of ...
COMMENTARY
Historical baggage
In Ukraine, which is on the brink of civil war, itís not just whether the former Soviet republic will join the Western camp or retain a neutral status reminiscent of Finland before the break...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. Lafazanis denies speculation of rift within SYRIZA party
2. Greek current account deficit widens in February
3. National Bank of Greece plans senior unsecured bond sale
4. Yield on first post-default Greek bond falls to issuance level
5. Homemade bomb targets car of deputy Parliament speakerīs wife
6. Wearing crowns of thorns, cleaning ladies hold protest at Finance Ministry
more news
Today
This Week
1. Ground-breaking Good Friday mass signals thaw in Cyprus
2. Greece startup leaders say they canít break jobless cycle alone
3. Seven arrested over Toumba violence
4. Mayoral candidates clash over Athens mosque plans
5. Wearing crowns of thorns, cleaning ladies hold protest at Finance Ministry
6. Homemade bomb targets car of deputy Parliament speaker's wife
Today
This Week
1. Bomb explodes outside Bank of Greece
2. Time to take a hard look at debt sustainability, says OECD chief
3. For faith and country
4. CCTV footage from Nigrita Prison shows signs of inmate torture [Video]
5. Car bomb explodes outside Greek Central Bank building, no one hurt [Update]
6. Samaras sees no need for third bailout
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.