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Tag Archives: primary surplus

ELSTAT: Greece’s primary surplus reaches 3.9% of GDP in 2016

April 21, 2017 Economy 1

Greece improved its public finances last year, achieving a general government primary surplus of 0.7 percent of gross domestic product compared to a 5.9 percent of GDP deficit in 2015, the country’s statistics agency ELSTAT said on Friday. “The surplus of General Government for 2016, in accordance with ESA 2010, …

Greek gov’t says no additional measures for 2018, after IMF publishes Fiscal Monitor

April 19, 2017 Economy Comments Off on Greek gov’t says no additional measures for 2018, after IMF publishes Fiscal Monitor

With its forecast report the International Monetary Fund set the base for a new negotiation between the Fund and Greece’s European lenders, that is Berlin. In its Fiscal Monitor 2017, the IMF forecasts for Greece a gap of 2.7 billion euros for 2018. The fund estimates that the primary surplus …

Lagarde: IMF participation only if Greece’s debt is sustainable

April 18, 2017 Economy 1

The International Monetary Fund participate in the Greek program only if the country’s debt is judged as sustainable, the Fund’s managing director Christine Lagarde said in an interview to representatives of leading European newspapers. Additionally, she said talks over the Greek debt must first be completed before the IMF decides …

IMF & Schaeuble prepare a rotten “compromise” on the back of Greece

December 2, 2016 Economy 12

The International Monetary Fund remains firm as firm as the German Finance Minister Wolfgang Schaeuble who has the upper hand when it comes to agreements about Greece. And for the time being it looks as if the IMF, and the European creditors, ESM incl., prepare a s0-called ‘compromise” solution on …

PM Tsipras: Greece returns to Growth

November 3, 2016 Economy 3

A very optimistic Greek Prime Minister appeared before high-ranking officials from Arab states and representatives of ten chambers of commerce, fifteen investments funds, forty companies and financial institutions from the Arab world. Speaking at the first “EU-Arab World Summit-Partners for Growth and Development” in Athens on Thursday, Alexis Tsipras said …

BoG Monetary Policy Report: High Taxation has recessional effects

June 15, 2016 Economy 4

In its Monetary Policy Report 2015-2016, the Bank of Greece urges for overhauling of the bailout agreement with 20-year extension of the loans, lower the Primary surplus target to 2%. The report describes the high taxation as “recessionary” and calls for a shift of policy focus towards reforms and privatizations, …

Lagarde: 3.5% Primary Surplus might be achievable in short-term with heroic efforts by Greek people

April 14, 2016 Economy 1

“In short term, the Primary Surplus 3,5% of GDP might be achievable with heroic efforts by the Greek people, but it is highly unrealistic that it can by maintained on long term,” Managing Director of International Monetary Fund, Christine Lagarde said during her press conference in Washington at the Spring …

IMF claims “Greece promised Primary Surplus 3.5% of GDP per year”

February 27, 2016 Economy 1

With this – Refugee Crisis – and that – borders closure, EU’s inability to solve the issue -, we, the Greeks, forgot the economic crisis, and the lenders. Forgot? Not exactly. We just focused on another, equally important tissue that makes the economic dead-end even worse. But here comes the …

Greece submits Proposals to creditors: €12bn measures for €53bn ESM loan (2015-2018)

July 10, 2015 Economy, Politics 29

Thursday night and before the deadline expired, Greece sent its proposals to the creditors, proposals that will form the basis for negotiations for a loan from the European Stability Mechanism. Roughly estimated, the Greek government offered measures (“prior actions”) worth €12-13billion for an ESM loan worth €53billion for the from …

…and here is Greece’s Draft Proposal to creditors with Reforms for 7/2015-End 3/2016)

June 4, 2015 Economy 36

Greek government sent a 47-page long draft plan to the creditors on Monday. In the lost list of austerity reforms the government has among others: privatizations and early retirement, debt restructuring and Primary Surplus 2015-2018, tax revenues, minimum wage and collective bargain. The signals from the country’s creditors were rather …

Creditors leak offers to Greece: Primary Surplus 3% in 2017 and 3.5% in 2018

June 3, 2015 Economy 9

Short before the meeting between Prime Minister Alexis Tsipras with European Commission President Jean-Claude Juncker in Brussels, Greece’s creditors started to leak their offers to the debt-ridden country. One of the thorn issues is the Primary Surplus. According to the Financial Times, creditors offer a low Primary Surplus for 2015 …

Greece: Primary Surplus of €1 billion in March; Internal Borrowing on the way?

April 16, 2015 Economy 8

An “explosion” in revenues in March 2015 created a Primary Surplus of 1.7 billion euro, Deputy Finance Minister Dimitris Mardas announced on Thursday. “The primary result is a surplus of 1.735 million euro,” The Greek Finance Ministry said in a statement adding that “the Primary Surplus target was 119 million …

Greece’s mission impossible: Bailout demands Primary Surplus that not even Germany can achieve

February 20, 2015 Economy 1

From 1974 to 2013, only three countries ever ran primary surpluses of 5% or more for a decade. The countries of the euro area reached an aggregate primary surplus of 3.6 percent only once, in 2000. However, the Greek bailout program not only demands a primary surplus of,4.5% throughout the …

Greek Parliament budget office: primary surplus targets are much too optimistic

May 2, 2014 Economy Comments Off on Greek Parliament budget office: primary surplus targets are much too optimistic

“Primary surplus targets are much too optimistic,” says the budget office of the Greek Parliament with reference to the mid-term economic plan issued last week. In the report released on Friday, the budget office urges the ‘downwards revision of the primary surplus targets” and “the discussion on debt relief to …

Greek debt scenarios: “Great stretch” or “time to default”?

April 14, 2014 Economy Comments Off on Greek debt scenarios: “Great stretch” or “time to default”?

Hardly has Greece managed to return to the international markets and several scenarios started to circulate again about the future of the Greek debt. One of the scenarios claims that the solution would be is a great stretch of another 20 years for the pay back of the bailout loans. …

Greek Gov’t – Troika deal sealed; PM distributes ‘primary surplus’ to vulnerable society groups

March 18, 2014 Economy 1

After seven months of tough negotiations between the Greek government and the representatives of the country’s lenders, the Troika, a deal was sealed on Tuesday. Right after the deal, Greek Prime Minister Antonis Samaras held a press conference where he announced where and how the primary surplus will be distributed …

Tax tsunami, wages reductions and welfare cuts create Greek Primary Surplus

February 12, 2014 Economy 1

I don’t know how international media reacted to Greece’s impressive claim that the general government primary surplus for 2014 will be 3.918 billion euro. I don’t even bothered to dig deeper into Greek Finance Ministry claims and verify whether they were true or not. Greek media did it. And what …

Greek gov’t reports €1.5 billion primary surplus

September 11, 2013 Economy 1

The impossible became possible. Thanks to efforts of the Samaras’ coalition governments, of course. For the first time, Greek finance ministry a primary budget surplus of 1.5 billion euro. “Figures ‘make the goal of achieving a primary general government surplus by the end of the year increasingly feasible,’ says Alternative …

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