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Debt
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Economy
IMF sees primary surplus of 0.7 pct of GDP in 2017, debt ratio peaking at 184.7 pct Following the release of its World Economic Outlook (WEO) on Tuesday, including its updated macro forecasts on Greece, the International Monetary Fund published on Wednesday its Fiscal Monitor report outlining its fiscal estimates.
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EconomyProgramme
After Article IV consultations IMF says challenges remain, substantial debt relief is needed Following the completion of the IMF mission visit to Athens on the Article IV consultation, the fund published on Friday afternoon its concluding statement with the preliminary findings.
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EconomyMacroeconomy
Central government debt climbs to 328.3 bln in Q2 on bailout tranche of 7.5 bln Greece’s central government debt increased by 7.33 billion euros to 328.34 billion in the second quarter (Q2) of 2016 from 321.01 billion in the previous quarter, according to the Finance Ministry (MoF) debt bulletin.
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EconomyProgramme
In updated DSA, EC sees Greek debt as unsustainable if no relief measures implemented In its compliance report for the first programme review, the European Commission (EC) included an updated debt sustainability analysis (DSA). This takes into account the milder recession and higher fiscal outcome in 2015 and lower bank capital needs.
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EconomyMacroeconomy
BoG proposes debt relief measures and lower primary surplus target from 2018 In its monetary policy report published on Wednesday, the Bank of Greece (BoG) suggested a set of debt relief measures that would allow Greece’s primary surplus target to be lowered to 2 percent of GDP from 3.5 percent from 2018 onwards.
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Economy
Central government debt edges down to 321 bln in Q1 Greece’s central government debt eased to 321.01 billion euros in the first quarter (Q1) of 2016 from 321.33 billion in Q4 2015, according to the Finance Ministry (MoF) debt bulletin.
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EconomyProgramme IMF sets out stall ahead of crucial Eurogroup by proposing immediate debt relief Ahead of the Eurogroup meeting on Tuesday, the International Monetary Fund published its preliminary debt sustainability analysis (DSA), which was distributed to its Executive Board but was neither discussed nor approved.
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Economy
Complex privatisation fund faces tall order to reduce Greek debt On top of the fiscal measures yielding 3 percent of GDP by 2018, one of the key prior actions for the conclusion of Greece’s first programme involves the establishment of a new privatisation fund.
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EconomyProgramme
Eurozone sets out proposals for staggered debt relief for Greece The Greek government was encouraged by the public references to debt relief following Monday’s Eurogroup in Brussels, although it was made clear that no real steps should be expected before the next gathering of eurozone finance ministers on May 24 and that any interventions would be spread over time.
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Economy
EC expects milder recession of 0.3 pct in 2016, sees debt to GDP at 178.8 pct in 2017 In its spring economic forecasts released on Tuesday, the European Commission (EC) lowered its estimates for Greek GDP contraction to 0.3 percent in 2016 from 0.7 percent expected in early February. EC noted that the slower than initially anticipated recession this year is largely due to the more moderate adverse trends in the second half of 2015.