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Athens News Agency: News in English, 07-06-13

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Commission report on Greek econ outlook

  • [01] Commission report on Greek econ outlook

    The European Commission on Wednesday published its report on the condition of public finances in the euro zone, presenting latest developments in main budget figures for EMU members and the rest of the EU's member-states, while also examining their medium-term outlook.

    Referring to Greece, the report underlined that an ECOFIN meeting decided to end disciplinary procedures against Greece for its excessive budget deficits, saying the country has managed to cut its fiscal deficit below 3.0 pct of GDP in a sustainable way.

    Greece's fiscal deficit fell to 2.6 pct of GDP last year, mainly through permanent measures and some temporary measures accounting for 0.6 pct of GDP. The Commission said the country's public debt was steadily falling towards the 60 pct of GDP level. Greek public debt fell from an average 110 pct of GDP in the period 2001-2005 to 104.5 pct last year and was projected to drop to 97.6 pct in 2008 and to 91.25 pct in 2009. The EU's executive arm said the Greek fiscal debt would fall to 2.4 pct of GDP, although it noted the need for Greek authorities to remain alert in the future and underlined its preference to permanent measures in fiscal consolidation.

    The Commission said it expected total revenues to fall by around 0.25 pct and spending to drop by around 0.25 pct of GDP, while the country's structural balance was projected to show a slight improvement this year (0.25 pct of GDP).

    The European Commission said that the fiscal deficit would reach 2.75 pct of GDP in 2008 on the precondition that the government would not change its economic policy.

    All estimates were based on Greece's previous data and not on the country's revised GDP figures, currently under examination by Eurostat.

    Caption: German finance Minister Peer Steinbrueck is seen at the monitor screens at the start of the second day of an ECOFIN conference in Berlin on April 21, 2007. ANA-MPA/ EPA/JOHANNES EISELE COLOR

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