Staikouras announces 2.3 bn primary balance surplus for 2012
The government’s data about the 11-month period between January and November 2012 demonstrate a satisfactory implementation of the budget, according to a statement by Deputy Minister of Finances Ch. Staikoura’s office.
The primary balance for that period, excluding expenses for interest, on a non-unified basis, has a surplus of 2.3 billion euros. This is in stark contrast to the 3.6 billion deficit for the same period in 2011.
It is worth noting that the balance’s 11-month results for 2012 remained unchanged in November, when outstanding debts were reduced by 119 million euros. The positive developments demonstrate that fiscal reform, adaptation and discipline is paying dividends, while creating the circumstances for a reboot of the economy, so that the country can move away from debts towards a stable, growing economy.