Fiscal
Back to drawing board for budget
The coronavirus epidemic is likely to infect the budget and the tax breaks planned for this year concerning the Single Property Tax (ENFIA) and the solidarity levy.
The government appears to be putting aside its plans for the further reduction of ENFIA and the gradual abolition of the solidarity levy for now due to the consequences of the virus on the economy.
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Gov’t eyes fiscal space of 1.5 bln in talks with creditors
The government's negotiations with the country's creditors are focused on five fronts, as Athens seeks to secure additional fiscal space so it can implement tax breaks and handouts in accordance with its policy. Among the government targets for this year are cutting the solidarity levy and the further reduction of the Single Property Tax (ENFIA).
PM Orban puts to rest Fiscal Council's concerns over possible widening of 2020 budget deficit
Prime Minister Ludovic Orban said on Thursday that he understands the concerns expressed by the Fiscal Council regarding the possible increase of the budget deficit, but assured that "there is no risk" for this to happen in 2020.
The moves seen earning Athens some fiscal space
The government is banking on a combination of seven moves, and possibly an eighth, to secure the necessary fiscal space for its 2020 tax breaks, while also cultivating a climate of trust with the country's creditors so that they view Athens' arguments in a positive light.
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Editorial: First the reforms, then the changes
It is evident from a series of public statements that the new government is viewed positively by the representatives of Greece's creditors and European partners as they expect better cooperation and more steadfast reform policies.
Nevertheless, the first positive signals do mean that creditors are prepared to change the basic targets of economic policy.
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Fresh fiscal warning from Stournaras
Bank of Greece Governor Yannis Stournaras asked on Tuesday that the country's fiscal achievements be continued in order to protect the credibility of Greece's economic policy.
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A step too far
It was hardly a surprise. Any reasonable observer expected that the ruling leftists would pledge excessive handouts to woo voters. But this time the government has gone a step too far.
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2019 budget aims to change narrative
The government submitted Greece's 2019 budget - the first in the post bailout era - to Parliament on Wednesday, saying it seeks to redress injustices against weaker social strata.
Moreover, Alternate Finance Minister Giorgos Houliarakis told lawmakers that it does not include legislated pension cuts planned for January.
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Government warned over 2019 fiscal balance as it heads into crucial EWG meeting
The government is heading to Thursday's Euro Working Group of senior eurozone finance ministry officials - who will decide on pension cuts and other measures to be taken by Athens - armed with the statistics of a "magical" primary budget surplus of 6.46 billion euros. At the same time, warnings about a possible fiscal derailment continue unabated.
Decision on pension cuts expected in November
A decision on whether or not Greece will be obliged to implement fresh pension cuts in January will not be taken until a summit of eurozone finance ministers in November, it emerged yesterday as representatives of Greece's creditors met with government officials in Athens.
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