Pandemic costs budget €21.7 billion

The pandemic opened a hole of 21.7 billion euros in Greece's 2020 public finances, as the original plans for a primary budget surplus of €3.5 billion were upended and replaced by a primary deficit of €18.2 billion, Finance Ministry figures released on Monday show.

Tax revenues were €9 billion below target, at €43.2 billion instead of the €52.2 billion projected in the 2020 budget, while expenditure exceeded the planned €57.2 billion by €13.5 billion to reach €70.8 billion, including the €5.5 billion of the cheap state loans program and €2.7 billion in special purpose compensations.

Even so, ministry officials are quite satisfied, as the picture is slightly better than the estimates incorporated in the 2021 budget drafted in November: That had provided for a primary deficit of €19.6 billion - i.e. €1.4 billion higher than the eventual figure.

This improved...