Greece beats 2012 deficit targets

According to an official announcement issued on January 10 by the Ministry of Finance, Greece has beaten budget and primary deficit targets for 2012.
stournaras123The data indicate a state budget deficit of €15.908 billion, compared to a target of €16.312 billion deficit. The report on government budget execution also showed a primary deficit of €3,684 billion, as opposed to a target of €4.577 billion.
Compared to the previous year, the budget deficit fell by €6.866 billion, while the primary deficit is also lower by €2.742 billion, with the state budget balance shrinking by 30.1% compared to 2011.This was due to drastic expenditure cutbacks, which counterbalanced a shortfall in revenues attributed to the reduced inflow of funds from the EU toward the Public Investment Programme.
State budget spending was €355 million lower compared to the target fixed in the national budget.
In a related development, Haris Theoharis head of Finance ministry’s General Secretariat of Information Systems was also appointed to the post of permanent a General Secretary for state revenues, it was announced on January 9.
Ministry of Finance: Announcement on 2012 Budget Execution (in Greek) & Report on 12-month Budget Execution (in Greek); Greek News Agenda: Primary Budget Record Surplus
(GREEK NEWS AGENDA)

Advertisements

Informal meeting of ECOFIN Council (Wrocław, 16-17/9/2011) – Participation of Greek Finance Minister, E. Venizelos

Government Vice-President and Finance Minister Evangelos Venizelos attended informal Eurogroup and Ecofin meetings in Wroclaw, Poland, on September 16-17. Speaking to reporters following the meetings, Venizelos said he briefed the Council over decisions taken by the Greek government to achieve fiscal targets for 2011 and 2012, and towards reaching primary budget surplus the soonest possible.

Venizelos said that it is a common position within the Eurozone that all decisions taken during the July 21 EU Summit must be fully implemented and stressed that “an international environment has been fuelling uncertainty, which affects the implementation of Eurozone decisions and our policies’ performance, ones aimed at dealing with the debt crisis. This vicious circle must end.” 
Meanwhile, following a meeting of the governmental committee in Athens, yesterday, chaired by Prime Minister George Papandreou , Venizelos said that the Government takes full responsibility for the implementation of the agreed programme, but this responsibility must be also taken by all European institutions, all member-states, because the July decisions, the decisions of the European Council have an existential significance for the Euro Area.

Επίσκεψη ΑΝΥΠΕΞ Μαριλίζας Ξενογιαννακοπούλου στη Βαρσοβία (12/5/2011)

Η αναπληρωτής υπουργός Εξωτερικών Μαριλίζα Ξενογιαννακοπούλου πραγματοποίησε χθες επίσημη επίσκεψη στη Βαρσοβία, κατά την διάρκεια της οποίας συμμετείχε στη «Συνάντηση Φίλων Πολιτικής Συνοχής» και συναντήθηκε με τον πολωνό υφυπουργό Ευρωπαϊκών Θεμάτων Mikolaj Dowgielewicz.
Η συνάντηση Υπουργών Εξωτερικών και Ευρωπαϊκών Υποθέσεων («Συνάντηση Φίλων Πολιτικής Συνοχής») πραγματοποιήθηκε με πρωτοβουλία της Πολωνίας, η οποία θα ασκήσει την επερχόμενη Προεδρία της ΕΕ. Συμμετείχαν εκπρόσωποι από 14 χώρες μέλη της ΕΕ, με σκοπό τον συντονισμό της κατάρτισης του κοινοτικού προϋπολογισμού και την εξασφάλιση χρηματοδότησης της κοινοτικής πολιτικής της συνοχής.
Η συνάντηση διοργανώθηκε εν όψει της παρουσίασης από την Ευρωπαϊκή Επιτροπή στα τέλη Ιουνίου του πολυετούς προγράμματος της ΕΕ για τον κοινοτικό προϋπολογισμό.
Η αναπληρωτής υπουργός Μ. Ξενογιαννακοπούλου συμμετείχε στη συνάντηση με στόχο την οικοδόμηση του ρόλου της Ελλάδας στο θέμα του κοινοτικού προϋπολογισμού και των δημοσιονομικών προοπτικών της ΕΕ.
Μετά το πέρας της ανωτέρω συνάντησης, η αναπληρωτής υπουργός είχε γεύμα εργασίας με τον πολωνό επίτροπο της ΕΕ για θέματα προϋπολογισμού Janusz Lewandowski.
Το απόγευμα πραγματοποιήθηκε διμερής συνάντηση ανάμεσα στην αναπληρωτή υπουργό Μ. Ξενογιαννακοπούλου και τον πολωνό υπουργό Ευρωπαϊκών Θεμάτων Mikolaj Dowgielewicz. Οι δύο υπουργοί συζήτησαν για τις προτεραιότητες της Πολωνικής Προεδρίας στην ΕΕ, τις αποφάσεις που σχετίζονται με την σταθερότητα της ευρωζώνης, καθώς και για θέματα μετανάστευσης και την πολιτική γειτονίας.

Deficit down by 46%

According to the preliminary data available for the state budget implementation for the first six months of 2010, on a fiscal basis the deficit presented a 46% year-on-year decline against a targeted 39.5% in the government’s economic policy programme.
The fiscal result of the first six months of 2010 is due to both restriction of expenditures and revenue increases. Nevertheless, these do not yet fully reflect all fiscal measures included in the government’s programme for 2010.
Furthermore, ordinary budget expenditures declined by 12.8% year-on-year against a targeted 5.5% reduction and primary expenditures decreased by 12.7% against a targeted 5.4% annual decrease.
Hellenic Stability & Growth Newsletter: June 2010
(GREEK NEWS AGENDA)

PM George Papandreou Interview at “Politique Internationale”

Few countries have suffered from the global economic crisis as much as Greece. Not only did it feel the full force of the financial earthquake, but it also found itself under attack by international speculators.
Today, as the IMF and the European Union prepare to help, the country is licking its wounds and trying to understand how things got so bad.
George Papandreou is not the last to ask the question. Elected prime minister in October 2009, the leader of the Pan-Hellenic Socialist Movement (PASOK) is fiercely critical of the previous center-right New Democracy administration, which he believes is guilty of setting up a system of cronyism and of knowingly underestimating the public debt and budget deficit. But the new head of government is an energetic man.
In this exclusive interview, he outlines his strategy for resolving his country’s daunting problems.
http://www.politiqueinternationale.com/revue/article.php?id_revue=127&id=901&content=synopsis

Government announced austerity plan

» PM: “Sacrifices will Bear Fruits”

The government announced yesterday an additional set of measures bound to slash the double-digit public deficit.
Speaking yesterday at a Cabinet meeting, Prime Minister Papandreou said that the emphasis is now shifting to what the European Union will do. 
The new measures aim at bringing into public coffers some €4.8 billion, amount which corresponds to 2% of the country’s GDP.  

» Pay Cuts

In particular, the new measures include a 30% pay cut of public sector’s supplements allocated annually, and a 12% across the board cut of public servants’ benefits. Moreover, subsidies to public entities and their social security funds will be reduced by 10%.
Any additional remuneration in the public sector will be trimmed by 50%, and compensation for overtime work will shrink by 30%.

Executive bonuses in the public sector will be abolished and the Public Investment Budget will be curtailed by 5% (€500 million). As of 2011, the ratio for public sector hirings will be one for every five retirees.

» Taxation

VAT is expected to rise at all cases by an average 1% to 2% and an extra levy on fuel, cigarettes, liqueur and luxury products will be imposed.
A one-off tax of 1% on personal incomes above €100.000 will also be introduced, together with a 15% rise in taxation of offshore companies’ real estate property.
Kathimerini daily: Further Cuts and Tax Hikes Announced
(GREEK NEWS AGENDA)

PM Papandreou interview on BBC

(GREEK NEWS AGENDA) “Greece is not looking for an EU bailout but for political support from its European counterparts” said Prime Minister George Papandreou in an interview yesterday on BBC One, on the sidelines of his visit to London.
“Give us the time, give us the support – and I’m not talking about financial but political support – in order to show you that what we’re saying is being implemented and we are credible again,” stressed Papandreou, emphasizing on the fact that Greece needs to borrow at the same rate as other countries.
Meanwhile, speaking to “Der Spiegel,” Papandreou expressed confidence that Greece can achieve its target to reduce its budget deficit by implementing serious economic reforms.
BBC News: Greece ‘not looking for bailout,’ Papandreou tells BBC