State revenue set to decline 15 pct in August

State revenue set to decline 15 pct in August

Finance Ministry officials believe that the decline in revenue in August will match that in July, about 15%, adding that public finances are still strong and cash reserves are high. What is unknown, they say, is how long the crisis will last.

In the fall, a large chunk, about €1.4 billion, will be spent on back pay to pensioners who will partly retrieve some of their pension cuts, thanks to court decisions. The government has promised to pay the amount in one go, instead of installments.

As a relief, the government expects European Union support from the new instrument for temporary Support to mitigate Unemployment Risks in an Emergency (SURE) to exceed €2 billion. The payment will be made in three or four installments, with the first expected at the end of September.

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