The 13% increase in public revenue in March, as well as the additional 300 million euros from European funds that went towards the public investment program, have provided the government with a valuable lifeline, so that Greece may fulfill its obligations.
The 300 million euros are considered a “present” by Jean-Claude Juncker, who expedited the procedures for subsidy payments of projects and programs currently in progress. The European Commission president’s aim was to facilitate the Greek government until an agreement can be reached at the upcoming Eurogroup.
Aside from the 300 million euros in the public investment program and 13% increase of public revenue, the government also transferred 550 million euros from the Financial Stability Fund and a further 150 million euros from the National Telecommunications Committee. As a result, the government managed to cover the revenue shortfalls of January and February.
According to the State budget, there was a 194 million euro deficit in February 2015, with the target being a 70-million-euro deficit. In February 2014 there was a 487 million euro surplus. As such, the primary surplus amounted to 1,238 million euros, with the target being 1,411 million euros. Last year’s surplus was 2,063 million euros. The net revenue in the state budget was 7,790 million euros, which was 11% (967 million euros) less than the target, which was met in March.
