The Public Debt Management Organization (PDMO) today is deciding on the duration of the government’s first syndicated loan for 2007, which will be for the sum of about -5 billion. The duration will be either 10 or 30 years. The government has budgeted to borrow -35 billion this year to meet spending requirements and the liabilities resulting from the country’s public debt of -226 billion. Deputy Finance Minister Petros Doukas told Parliament recently that in 2007 Greece will pay out -88 billion and will receive -53 billion, including European Union budget contributions. The difference, -35 million, will be covered through borrowing. This means that Greece has to borrow about -100 million a day. Economy Minister Giorgos Alogoskoufis recently said the effort to contain the huge public debt had to be a continuous struggle. Data from the General Accounts Office, however, show that the public debt continues to rise, also influenced by factors other than the budget deficit. From -215.4 billion (119 percent of GDP) at the end of 2005, it stood at -226.08 million (116 percent of GDP) a year later, and is projected to rise to -234 billion (112.3 percent of GDP) at the end of 2007. The budget deficit of 2005 came to -8.56 billion, but the debt was further swollen by the cost of arms procurement (-1.5 billion), debt repayments (-216 million) and debts of social insurance agencies (-423 million). Such additional, out-of-budget spending has for years been one of the main (and largely invisible) reasons for the swelling of public debt. Officials claim that there will be a clampdown on such sources of debt in 2007. Apart from the public debt, the country’s total burden includes some -300 billion owed by social security organizations, -76 billion owned by households and -92 billion in corporate debt, making a total of -694 billion.