ECONOMY

Creditors to demand extra measures of 3 bln euros

The distance separating Athens from Brussels in the ongoing negotiations remains great, with European officials estimating that Greece will have to promise additional measures this year in order to reach an agreement with its creditors on the fiscal and macroeconomic figures.

Sources say Brussels expects that the Greek economy will see growth of between 0 and 0.5 percent at best this year, while the primary budget balance will range between 0 and a deficit of 0.5 percent of GDP. And that is provided the Single Property Tax (ENFIA) continues to apply as it did in 2014, the zero-deficit clause continues to apply to supplementary pension funds, and that there will be no Christmas bonus that the government has promised.

Consequently, for a primary surplus of 1.5-2 percent to be attained, the government will have to take measures worth 3 billion euros, creditors say.