Independent Insight Views

According to MoF preliminary data (on a modified cash basis), Greek budget bottom-line outperformance (i.e. actual vs target) narrowed by €1bn m-o-m to €2.2bn in 6M’13 from €3.2bn in 5M, largely attributed to a widening of revenue shortfall. Better-than-targeted fiscal performance is attributed to lower expenditure and higher PIB surplus and – to a lesser extent – smaller tax refunds. Continue reading

MoF preliminary data (on a modified cash basis) on Greek budget execution in 5M’13 depicted an almost stable bottom-line outperformance (i.e. actual minus target) with budget and primary balance beating 5-month target by €3.2bn compared to €3.3bn in 4M’13,  >€2.8bn in Q1’13 and €1.84bn in 2M’13. Better-than-targeted fiscal performance is attributed to lower expenditure and higher PIB surplus and – to a lesser extent – smaller tax refunds. Continue reading

MoF preliminary data (on a modified cash basis) on Greek budget execution in April depicted a further widening of bottom-line outperformance (i.e. actual minus target) by c€0.5bn m-o-m with budget and primary balance beating 4-month target by €3.3bn compared to >€2.8bn in Q1’13 and €1.84bn in 2M’13. Better-than-targeted fiscal performance is attributed to lower expenditure and higher PIB surplus and – to a lesser extent – smaller tax refunds. Continue reading

MoF data show that general government (gg) primary cash balance recorded a surplus of €967m in Q1 ’13 from €2,382m in Q1’12 down 59.4% y-o-y. According to MoF, reported figure is on a non consolidated basis and consolidated primary balance is expected to be smaller by €825m. Continue reading

MoF final data (on a modified cash basis) on Greek budget execution in March depicted a widening of bottom-line outperformance (i.e. actual minus target) by c€1bn m-o-m with budget and primary balance beating 3-month target by >€2.83bn compared to €1.84bn in 2M’13. Better-than-targeted fiscal performance is attributed to higher PIB surplus as well as lower expenditure and tax refunds. Continue reading

MoF preliminary data (on a modified cash basis) on Greek budget execution in March depicted a widening of bottom-line outperformance (i.e. actual minus target) by €1bn m-o-m with budget and primary balance beating 3-month target by €2.8bn compared to €1.8bn in 2M’13. Continue reading

MoF data show that general government (gg) primary cash balance recorded a surplus of €1,375m in 2M ’13 from €3,206m in 2M’12 down 57.1% y-o-y. According to MoF, reported figure is on a non consolidated basis and consolidated primary balance is expected to be smaller by €825m. Continue reading