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ELSTAT: How Much Does Greece Really Owe?

ELSTATGreece’s GDP shrank by 40 billion euros between 2010 and 2013 to 182 billion euros, and public debt amounted to 175% of that figure, or 318.7 billion euros, according to a Hellenic Statistical Authority (ELSTAT) report forwarded to Eurostat as notification of the excessive deficit procedure (EDP) for 2014.
Elstat recorded increased surpluses last year in local authorities worth 770 million euros (up from 693 million euros), as well as in pension funds, worth 4.7 billion euros (2.25 billion euros deficit in 2012).
The government deficit stood at 2.1 % of the country’s GDP at the end of 2013, excluding the impact of bank support, or 12.7% including it.
Meanwhile, the Elstat noted that the 2010 deficit was under revision, mainly due to revisions in the amounts of taxes paid and ministries’ expenses. The 2011 deficit is also being revised, mainly due to the revision of pension funds’ payables and the 2012 deficit, mainly due to the change in the value of EFSF bonds.

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