The Alternate Minister of Finances Christos Staikouras announced that the general government’s primary surplus in November amounted to 3.7 billion euros (2% GDP), having risen from 1.5 billion euros (0.8%) in November 2013.
Mr. Staikouras pointed out that this development occurred in conjunction with the reduction of the state’s outstanding debts towards the private sector, which he argued was “fiscally neutral”.
According to Mr. Staikouras, the outstanding debts in November 2014 came to 3.8 billion euros compared to 4.3 billion euros the previous month. Cumulatively the debts have dropped by about 55% since December 2012.
Overall, Mr. Staikouras estimated that for the second years running the necessary primary surplus has been achieved, while the real economy is benefiting from the increase of liquidity. This, argued the Alternate Minister, will contribute towards a sustainable economic recovery.