The Prodigal Greek

The Greek crisis through a different prism

Archive for August 2013

Primary surplus, the mother of all battles

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Some quick notes on the primary surplus ‘miracle’ that got many wondering yesterday:

– First of all, the finance ministry is yet to release the detailed budget execution for the Jan-Jul period

– It reported preliminary revenues for the period of €27.7bn vs. €21.4bn in the previous six months

– This includes €1.5bn of SMP profits that were transferred to the segregated account at Bank of Greece which is used only for debt servicing purposes. It was agreed in the end of November last year, post budget submission, and is an exceptional item.

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Written by Yiannis Mouzakis

August 13, 2013 at 10:21 am

Posted in Economico

Tagged with