Fiscal policy

Greece's radical left government was at pains Feb. 21 to put a positive face on an EU compromise deal that is sharply at odds with its anti-austerity ambitions.
 
At a last-ditch meeting on Feb. 20, Europe gave Athens some breathing room to present alternative reforms in a bid to save its crucial financial lifeline.
 

The Greek government characterizes the deal between Greece and the EU as historic, stating that it marks the end of austerity and memoranda in Europe.

Even though the government recognizes that there is still a long way to go, it considers that it has avoided immediate funding failure, buying some time by the end of April.

By Prokopis Hatzinikolaou

"Stronger U.S. dollar raises public debt to EUR 23.5bn"

BELGRADE -- Serbia's public debt on February 18 totaled around EUR 23.508 billion, which is by about EUR 315.5 million more compared to the figures from December 31, 2014.

At that point public debt added up to 70.9 percent of the country's GDP, the Public Debt Administration of the Republic of Serbia said on Thursday.

BELGRADE - Serbia's public debt on February 18, 2015 totalled around EUR 23.508 billion, which is by about EUR 315.5 million more compared to the figures from December 31, 2014 when the public debt added up to 70.9 percent of the country's GDP, the Public Debt Administration of the Republic of Serbia released on Thursday.

Romania's centre-left government led by Prime Minister Victor Ponta on Wednesday unveiled plans to cut VAT from 24 to 20 per cent, and reduce taxes on meat, fish, vegetables and fruit to 9 per cent from next January onwards.

The changes are part of the new fiscal code, which is now undergoing public debate.

Greece on Thursday formally asked the EU for a loan extension which would buy the cash-strapped nation time to unveil new anti-austerity reforms, a government source said.

"The request has been sent" to Brussels, the source said, with Greek reports noting that Athens is requesting a six-month assistance package.

[AFP]

 New scheme will not only slash fines and penalties but also the original arrears to state

By Prokopis Hatzinikolaou & Roula Salourou

Responding to criticism by Alternate Finance Minister Dimitris Mardas, the man he succeeded in the post, Christos Staikouras, presented a summary of the fiscal achievements, as he claimed, belonged to the previous government.

Bulgaria's move to take on new external borrowings will provide for its financial stability in the next three years, Finance Minister Vladislav Goranov has said.

In a Sunday interview for the Bulgarian National Radio, he has opined that, under the conditions of "super liquid markets" the act of piling up new debt could actually be carried out in favourable circumstances.