ECONOMY

FinMin: Greece’s cash buffer secure and sufficient

finmin-greeces-cash-buffer-secure-and-sufficient

Finance Minister Christos Staikouras reiterated on Friday that the government will not impose a new lockdown and that the country’s cash reserves are secure and sufficient to meet any possible crises.

In comments made to Skai Radio, the minister said: “We will be at society’s side for as long as it takes in 2022 also, both on the pandemic front and in terms of the energy crisis.”

Staikouras noted that the government will have disbursed 43.3 billion euros to support society between 2020 and until 2022 and stressed that the conditions attached to the money borrowed by the country were very favorable.

He said that the state budget’s primary deficit will reach 7% of GDP, or €13 billion, this year, while the country’s public debt will reach 200% of GDP or €350 billion.

Staikouras said he expected that Europe will begin a fiscal adjustment in 2022 without any austerity measures but through economic growth and that fiscal rules will come back into force from 2023.