General government bottom line continues to improve with moderate decrease in arrears

EconomyMacroeconomy Tags: Arrears, Budget, MoF, Revenues, Taxes

The Greek general government (gg) cash deficit to August fell by 60.7 percent to 3.87 billion with the gg cash primary surplus rising by 12.7 percent to 1.78 billion, according to the Ministry of Finance (MoF). The released data incorporates SMP income of 1.5 billion recorded in the July budget execution. Furthermore, state arrears to the private sector retreated 2.0 percent month on month (mom) and 25.8 percent (2.29 billion) since the beginning of the year. Arrears came to 6.57 billion at the end of August.

The state budget is the key element in the reported gg evolution. There is an important difference compared to the released budget execution for the same period, which relates to a cash correction of 4.3 billion mainly stemming from settlement of arrear...

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