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New Debts to the Private Sector Pile Up as Greek Government Repays Previous Debts

geniko-logistirio-kratous1446106303While the Greek government has begun to repay its debts to the private sector, new debts are starting to pile up, according to the Finance Ministry.
Based on the data provided, at the end of September the amount of arrears of the Greek State to individuals and businesses was 6.2 billion euros. The total amount of debt was slightly less compared to August, 58 million euros specifically.
The outstanding debts are to suppliers and service providers, while a part of it is tax returns in arrears.
During the July-September quarter, the State made total payments of 1.87 billion euros to the private sector. However, at the same time the government debt fell by only 1.01 billion euros, as the new debts generated in the quarter amounted to 857 million euros.
However, State figures show a growing primary surplus. According to the General Accounting Office, the primary surplus of the general government generated in the January-September period was 5.3 billion euros. In the corresponding period last year, the primary surplus was 2.4 billion euros.

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