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Athens News Agency: News in English, 11-10-03

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From: The Athens News Agency at <>


  • [01] Cabinet ratifies 2012 draft state budget

  • [01] Cabinet ratifies 2012 draft state budget

    ANA-MPA/A cabinet meeting on Sunday night ratified the draft state budget for 2012, which was presented by government Vice President and Finance Minister Evangelos Venizelos. The draft budget will be tabled at the Permanent Parliamentary Economic Affairs Committee on Monday, according to the provisions of article 79 of the Constitution.

    The budget's main fiscal indexes for 2012, as well as the point where the budget for 2011 will close, were discussed at length with the European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF) 'troika', both before and after its arrival in Athens.amna

    The draft budget, according to an announcement by the Finance ministry, as against a fiscal target of 2011 of a 17.1 billion euros deficit, meaning 7.8 percent of the current GDP, the deficit for 2011 is determined at 8.5 percent of the GDP (18.69 billion euros), in other words a deviation of 0.7 percent of GDP is being recorded, due to recession (-5.5 percent) that is much deeper than that predicted in May (-3.8 percent), when the Medium-Term Fiscal Strategy Programme was prepared.

    As has been agreed with the "troika", from the combined approach of the targets of 2011 and 2012, in the framework of the Medium-Term Fiscal Strategy Programme, achieving the fiscal target for 2012 (deficit of 6.8 percent of GDP or 14.65 bilion euros) is secured.amna

    This amount of the total fiscal deficit (including the cost of serving the public debt) in 2012, permits the production of a first stage surplus of 3.2 billion euros or 1.5 percent of GDP, that signals Greece's entry into a different fiscal phase.

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