Bank of Greece announces cash primary surplus of €1.416 billion

The Bank of Greece has announced that the central government’s cash primary surplus at the end of December amounted to…

The Bank of Greece has announced that the central government’s cash primary surplus at the end of December amounted to 1.416 billion euros.

According to the Bank’s statement, in January-December 2014, the central government cash balance recorded a deficit of 4.209 billion euros, compared to a deficit of 12.794 billion in 2013. Meanwhile, the ordinary budget revenue amounted to 47.104 billion, compared to 46.630 billion in the corresponding period of last year.

This includes revenue of 1.310 billion euros that derive from the repayment of preference shares, while revenue of 62 million regarding Securities Markets Program (SMP) income transfers from Eurosystem central banks is excluded. Ordinary budget expenditure, including expenditure of 1.152 billion euros for the repayment of arrears, as well as 451 million euros for Greece’s contribution to the European Stability Mechanism (ESM) came to 49.590 billion, down from 57.797 billion in 2013.

Τhe cash primary balance of the state budget (surplus 1.416b) remains a surplus if revenue regarding SMP income transfers from Eurosystem central banks is included and revenue from repayment of preference shares, as well as expenditure for the repayment of arrears and for Greece’s contribution to the European Stability Mechanism are excluded.

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