Ambitious econ reforms for 2012-2011 unveiled
(ANA-MPA) -- A closely watched Medium-term Fiscal Strategy Framework, presented by Finance Minister George Papaconstantinou, envisages measures worth 3.0 billion euros this year and a total 26 billion euros by 2015.
Presenting the plan, Papaconstantinou said the 3.0 billion euros in interventions envisaged for this year would cover all risks and divergence existing in a fiscal consolidation program, while the remaining 23 billion euros (9.0 billion from higher revenues and 14 billion euros from spending cuts) will help in cutting the country's fiscal deficit by 14.5 billion euros since 8.5 billion euros is needed on interest spending.
The finance minister said the state expects revenues worth 15 billion euros from privatizations and exploiting the state's real estate property in the period 2011-2013, and a total of 50 billion euros by 2015. This revenue will be used to cut the public debt by an additional 20 percent of GDP by 2015.
The Medium-term framework is expected to be approved in Parliament in May and the new legislation will envisage budget projections, fiscal interventions to achieving goals, annual spending ceilings for each government ministry and targets, long-term projection of public debt, intervention plans in public sector enterprises, abolition-merger of state agencies, combatting tax evasion, civil administration and a new payroll, social spending, public spending and defense spending.
(ana.gr)