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The Greek Finance Ministry dismissed the report of the European Commission released earlier today. “The primary surplus for the general government in 2019 will reach 4.1% of the GDP,” sources of the finance ministry told media and rejected the evaluation that the relief measures pose a risk for the agreed primary surplus.”
The sources said that the primary surplus for the general government in 2019 will exceed the target by 0.6% and create a fiscal breathing space.
As the relief measures voted recently in parliament have been costed at 0.6 pct of GDP, it was certain that the 2019 target will be met, the sources added.
They pointed out that the European Commission has frequently in the past expressed concern about Greece’s meeting of its fiscal targets, but these concerns have not materialized.
The Commission also plans to review data again the autumn, the sources explained.
Earlier on Wednesday, the European Commission released the European Semester 2019 Spring Package with recommendations for all Member States in order to advance sustainable and inclusive economic growth. On its 7-page long report on Greece, the Commission notes among others that the permanent new measures implemented before the European elections by the Tsipras government, “pose a risk for the agreed primary surplus target” and “are expected to reduce the structural balance, raising concerns on the achievement the medium-term budgetary objective in 2020.”
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