Arab Today, arab today eu greek finances stabilise total debt remains high
Last Updated : GMT 19:04:30
Arab Today, arab today
Arab Today, arab today

EU: Greek finances stabilise, total debt remains high

Arab Today, arab today

Arab Today, arab today EU: Greek finances stabilise, total debt remains high

Brussels - AFP

Twice bailed-out Greece has made enough progress in stabilising itspublic finances to make another international rescue less likely but its total debtremains dangerously high, an EU report showed on Friday. "Greece has made delayed but eventually substantive progress" since mid-2013,when aid payments were delayed after Athens failed to meet tough targets laiddown by its creditors."The fiscal performance continued to be strong," the European Commission reportsaid, with Greece reporting a better-than-expected primary budget surplus in 2013.The surplus -- the budget balance before interest payments and bank support --came to 1.5 billion euros, equal to 0.8 percent of gross domestic product.Combined with the latest government measures to adjust spending, this meansGreece is on track to "secure the 2014 fiscal target" of its second bailoutprogramme, the report said. "It is essential to ensure that the ambitious reform agenda is fully implemented toclose any remaining fiscal gaps," it added.Over the 12 months to May 2015, Greece must find 7.5 billion euros to balance thepublic finances. This is down from previous estimates of 10-11 billion euros after a successfulgovernment bond sale earlier this month raised 3.0 billion euros.The report said some 2.0 billion euros needed by August could come from thecommercial banks, who backed by new investors may redeem the government-heldpreference shares issued to support the lenders at the height of the debt crisis.Extra funds could be raised by fresh government operations in the money marketsor found in resources not being used elsewhere.Such measures plus aid payments would also cover the 5.5 billion euros due by May2015, providing the "necessary reassurances that the programme remains sufficiently financed," the report said.If the immediate financing problems are under control, total debt remains extraordinarily high, the report showed, while giving no indication of how it couldbe brought down in line with the sharp forecast reduction.Greece's total debt will peak at 177 percent of GDP this year -- way above the EU 60- percent limit -- and decline to around 125 percent by 2020, the report said.This level is then supposed to drop to below 110 percent by 2022, assuming growthprojections hold true.Asked how the debt mountain could be reduced so quickly, an EU official said "thathas not been part of the report. It is premature to answer this question."Having met the primary budget surplus target, Greece's eurozone partners arecommitted to examining the country's overall economic position later this year,amid speculation of perhaps a third rescue package or a debt write-off.Greece hopes to avoid a third rescue but has said it needs its creditors to ease thedebt burden so as to give the economy space to grow.The 'Troika' of the European Union, the European Central Bank and theInternational Monetary Fund rescued Greece twice, in 2010 and 2012, putting up 240billion euros in aid plus a hugely controversial private sector debt write-off foranother 100 billion euros.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu greek finances stabilise total debt remains high Arab Today, arab today eu greek finances stabilise total debt remains high

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday