Friday, January 11, 2013

The data indicate a state budget deficit of €15.908 billion, compared to a target of €16.312 billion deficit. The report on government budget execution also showed a primary deficit of €3,684 billion, as opposed to a target of €4.577 billion.
Compared to the previous year, the budget deficit fell by €6.866 billion, while the primary deficit is also lower by €2.742 billion, with the state budget balance shrinking by 30.1% compared to 2011.This was due to drastic expenditure cutbacks, which counterbalanced a shortfall in revenues attributed to the reduced inflow of funds from the EU toward the Public Investment Programme.

In a related development, Haris Theoharis head of Finance ministry’s General Secretariat of Information Systems was also appointed to the post of permanent a General Secretary for state revenues, it was announced on January 9.
Ministry of Finance: Announcement on 2012 Budget Execution (in Greek) & Report on 12-month Budget Execution (in Greek); Greek News Agenda: Primary Budget Record Surplus
- Outgoing Eurogroup President Expresses Support for Greece

He praised the Greek government for its progress over the last few months and scolded those who ignore all that Greece and the Greeks have offered Europe. "For me, the EU and the eurozone would be incomplete without Greece," stated Juncker, adding that "I will support this country until the end. I am a friend of the Greeks."