Ministry of Finances: “SYRIZA plans may cost up to €27.2 bn”

The Ministry of Finances has responded to the proclamations made by SYRIZA leader Alexis Tsipras in Thessaloniki over the…

The Ministry of Finances has responded to the proclamations made by SYRIZA leader Alexis Tsipras in Thessaloniki over the weekend with a twelve-page analysis of the plan.

According to the Ministry’s estimates, SYRIZA’s plans would increase the deficit by up to 27.2 billion euros (15% GDP), while the public would increase by up to 20 billion euros. This in turn means that a further 14 billion euros would need to be drawn through taxes, about 2,700 euros from each taxpayer.

In its statement, the Ministry argues that SYRIZA’s proclamations are ambiguous and that the fiscal deficit would exceed 17.2 billion euros in the first year of implementation (without taking into account the cost of erasing private debt), compared to the 9.3 billion euros which SYRIZA claims.

The Finance Ministry’s response is available online.

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