Greece posts primary surplus of 1.95 bln euros in first 8 months of year

Greece recorded a primary surplus of 1.95 billion euros in the first eight months of the year, ahead of a projected target of 962 million euros, Alternate Finance Minister Christos Staikouras said on Friday, noting however that revenues had dwindled slightly due to the postponement of the collection of the first installment of the new unified property tax (ENFIA).

In comments to reporters, Staikouras said the budget execution “is a clear indication that the country’s public finances are stabilizing with the achievement of primary surpluses.”

He added that the “necessary foundations” were being laid for economic growth with social justice and cohesion, noting that policies that have proven to be financially inefficient and socially unfair would be “corrected.”

Separately, the ministry announced that it had exchanged 1.6 billion euros worth of three- and six-month T-bills with three- and five-year bonds, adding that it planned to issue 18-month T-bills in the near future. The ministry described the swap as “another step toward normalizing the Greek bond market.”

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