HFSF transfer helped cover April’s state revenue hole

With Greece’s state revenues remaining worringly low and the empty public coffers, the government is expected to put extra pressure on social security funds, local authorities and other state entities to contribute to the effort to find funds and cover the state’s obligations.

Sources say that April was the first month when tax revenues were within target, if only marginally, reaching 3.03 billion euros against a target of 3.04 billion. However, this result was achieved thanks to the collection of 120 million euros through the 100-installment debt payment program.

Overall, April state revenues were considerably above target, which can be exclusively attributed to the transfer of 555 million euros from the Hellenic Financial Stability Fund (HFSF) to the state budget. However that was a one-off payment, which brought revenues collected to 3.77 billion euros against a target for 3.4 billion. Excluding the money from the bank bailout fund and the cash from the debt payment program, revenues lagged their target by an estimated 350 million euros last month.

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