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Greek Budget Deficit May Drop Below 3% in 2013

staikourasGreek Deputy FinMin Christos Staikouras said yesterday that Greek general government budget deficit will land below the 3%-of-GDP threshold in 2013 (vs 6.3% a year ago) in headline terms, ahead of Troika forecasts calling for a 4.1%-of-GDP deficit, says Pantelakis Securities its morning report.
“However, we understand he was referring to budget figures under the Eurostat definitions, which, among others, will incorporate ECB-related income (SMP and ANFA), which is set to total EUR2.7bn (or 1.5% of GDP) for the entire year (EUR1.5bn such income has been already received and booked in budget revenues)”, says Pantelakis Sec.
Mr. Staikouras added that the deficit will be kept below 3% of GDP in 2014 too, provided Greece achieves its 1.5%-of-GDP primary surplus target next year (vs 0% in 2013).
Regarding the repayment of state arrears (overdue payables to state suppliers which date from 2011), Mr Staikouras stated that only EUR7bn (vs a EUR8bn original target) will be channelled to the market during the current year: up to September-end, the government has repaid arrears totalling EUR4.85bn, while another EUR0.94bn has been approved but payment has been delayed. Greece has asked for Troika permission to use the EUR1bn surplus funds to clear arrears accumulated during 2012.
(source: capital)

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