Government tones down fiscal pledges as tighter framework starts to bite

EconomyMacroeconomy Tags: Budget, MoF

The tight fiscal framework imposed by the new Stability and Growth Pact rules and Greece's long-standing commitment to primary surpluses above 2 pct of GDP for decades are catching up with the Greek government, as the window that allowed for handouts and support initiatives thanks to the escape clause is now firmly closed.

In Parliament last week, Finance Minister Kostis Hatzidakis briefed MPs on the new SGP rules that will be in place from next year, stressing that spending ceilings will play a more prominent role in the surveillance process and that surplus revenues can...

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