Monday March 30, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Budget deficit figures encouraging as Sachinidis takes over as finance minister

Greece is already managing to beat some of its deficit-reduction targets, as figures released Wednesday show that its central budget deficit for the first two months of 2012 had shrunk by more than half compared with the same period last year.

The state budget deficit the amount the government spends against what it receives in taxes amounted to 495 million in January and February this year, the Finance Ministry said. The total was significantly lower than the 879 million target set out in the country's budget, and less than half the 1.054 billion the country was struggling with in the same months last year.

The improved figures came shortly after Philippos Sachinidis was sworn in as the country's new Finance Minister, replacing Evangelos Venizelos who quite the post Monday after being elected to head the majority Socialist party.

Sachinidis, 49, was promoted from deputy finance minister after serving for two years as the head of a Greeces drive to cut public spending.

Prime Minister Lucas Papademos' government is expected to call general elections for late April or early May after successfully negotiating a massive debt deal for additional rescue loans from eurozone countries and the International Monetary Fund and a debt restructuring with banks and other private bond holders.

Early Wednesday, Greek lawmakers approved the new international bailout deal, which will see Greece receive 172 billion ($227 billion) in rescue loans over the next few years. The amount includes a second, 130 billion ($172 billion) package as well as the undisbursed portion of a first, 110 billion ($145 billion) bailout and funds from the IMF.

Greece received the first installment of 5.9 billion ($7.8 billion) from eurozone countries on Monday, and a further 1.6 billion ($2.1 billion) from the IMF on Tuesday.

In exchange for the additional support, Greece agreed to impose harsh austerity measures during a fifth year of recession, slashing the minimum wage, pension and benefits including deep cuts in the health service.

Greek state hospital services faced disruptions Wednesday as staff held work stoppages and protests over government austerity measures and pay delays.

Doctors and staff at public hospitals in the greater Athens area walked off the job for three hours Wednesday, and held a central Athens demonstration, with some protesters turning up wearing surgical gowns.

Hospital doctors were also holding a go-slow protest, demanding the payment of overtime they say has not been paid for four months.

[Associated Press]

ekathimerini.com , Wednesday March 21, 2012 (18:16)  
Greeces Tsipras to meet ministers as creditors ponder overhauls
Moscow expects progress from Tsipras visit
Another suspect eyed in prison breakout plan
Eurogroup unlikely to be held soon to discuss Greek reforms
ANALYSIS
Rift talk may be self-fulfilling prophecy
The Greek government has submitted the long-awaited list of reforms to the lenders but the initial signs do not point to an agreement anytime soon that could open the spigots of liquidity to...
Undeclared labor flourishing as inspections are insufficient
Hundreds of thousands of workers remain invisible to the social security system and the state as they continue to provide undeclared labor to their employers, thereby feeding the deficits of...
Inside Business
SOCCER
Improved Greece draws 0-0 at Hungary
Greece ended up goalless with Hungary in Budapest on Sunday, on manager Sergio Markarians debut on the national teams bench, a result that has left Greece at the bottom of its Euro 2016 qu...
HANDBALL
Hooligans mar PAOKs handball cup triumph
PAOK won its second Greek Cup in handball beating AEK 29-27 in Sundays final in Thessaloniki, but the clashes between AEK fans and the police as well as the exchange of lethal flares betwee...
Inside Sports
COMMENTARY
Lets change the subject
Lets talk about the weather. The cloudy skies, the rain, storms and humidity, the overall heavy atmosphere. Its better to think of that than politics and politicians, whatever cuts they ma...
EDITORIAL
Too little, too late?
Many of the measures that are rumored to comprise part of the list that the Greek government is expected to submit to the European Commission, European Central Bank and the International Mon...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Improved Greece draws 0-0 at Hungary
2. Rift talk may be self-fulfilling prophecy
3. Undeclared labor flourishing as inspections are insufficient
4. Agenda
5. Banks write off old debts worth billions
6. Hooligans mar PAOKs handball cup triumph
more news
Today
This Week
1. Eurogroup unlikely to be held soon to discuss Greek reforms
2. Moscow expects progress from Tsipras visit
3. Another suspect eyed in prison breakout plan
4. Greeces Tsipras to meet ministers as creditors ponder overhauls
5. Greece says talks with lenders are continuing positively
6. Rift talk may be self-fulfilling prophecy
Today
This Week
1. Next Monday is D-Day for state funds
2. PM faces Merkel amid race to detail reforms
3. Some more equal than others
4. Greece to present reforms by Monday, says gov't spokesman [Update]
5. Eurogroup unlikely to be held soon to discuss Greek reforms
6. Looking at the Chinese model
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.