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Despite speculation, post-MoU credit line seems unlikely
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Greece and troika agree 2013 primary surplus will be just 500 mln - here's why
Just as the Finance Ministry in Athens announced on Wednesday a final state budget execution to August that blew away primary surplus targets by a margin of 5.36 billion, which is the equivalent of 2.9 percent of Greece's expected GDP, reports suggested that Yannis Stournaras agreed with the troika that the full year primary surplus would be in the region of 400 to 500 million, which is no more than 0.27 percent of GDP.
As much as the troika evaluates Greece's fiscal performance at the general government level, which includes local authorities and social security funds, the state budget is the main variable in the general government balance. For the year to August, the...
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