Holes in public investments and revenues

Cuts to public investments and social programs secured the government a 2017 primary surplus overrun that was even higher than that projected as recently as November. That overrun was then used to boost the government's image through handouts such as the social dividend.

According to the provisional figures for the whole of 2017, released midnight on Monday, the primary surplus came to 1.967 billion euros, against a target included in the 2018 budget for 877 million euros, an overrun of 1.09 billion.

Budget spending amounted to 55.515 billion euros, compared to a target included in this year's budget for 57.265 billion. Public Investments Program expenditure came to just 5.95 billion euros, compared to a projected 6.75 billion that the 2018 budget had said would have been fully invested. A few days after the budget was voted through Parliament, Alternate Economy...