PASTELLETTO
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Eh sì dai mo chiuduamo positivi.
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
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Eh sì dai mo chiuduamo positivi.
tommy271
Forumer storico
State Deficit Widens At €12.78b
According to the preliminary data available for the execution of the State Budget for the six months January – June 2011, on a fiscal basis, the deficit amounts to 12,781 million Euros compared to the target of 10,374 million Euros set in the 2011 Budget, said the Ministry of Finance in a report. During the same period in 2010, the State Budget deficit amounted to 9,997 million Euros.
On State Budget (Ordinary and Public Investment Budget), expenditures are lower than the budget target (35,930 mil. Euros) by 644 million Euros while State Budget total revenues (Ordinary and Investment Budget) have a shortfall by 3,051 million Euros compared to the budget target (25,556 mil. Euros).
In particular, on a six month basis (January – June), net revenues amounted to 21,814 million Euros and declining by 8.3% comparing to the respective period of 2010. The revenue shortfall can be mainly attributed to the larger than projected recession – during the period when the Budget was being prepared – in the last quarter of 2010, lower receipts from vehicle’s circulation fees by 393 million Euros in January 2011 (because the due date for payment was not extended into January 2011, as in 2010), the reduced receipts from withholding personal income tax in 2011 due to the more favourable tax treatment of personal income as a result of the new tax law and the income reduction, the fact that credit institutions shifted for July the payment of 10% on the value of their preferred shares held by the State and the increased tax refunds due to the clearing of past years’ obligations.
On the other hand, revenues from the Public Investment Budget increased by 79.6% or 306 million Euros vis-à-vis the six months of 2010.
It is noted that the current revenue shortfall is expected to be tackled during the next six months, based on the anticipated performance of the tax measures included in the implementing Law of the Medium Term Financial Strategy 2011-2015.
Furthermore, It should be noted that the report on the execution of the State Budget provides revenue data for the five months of 2011 on a cash basis. The total level of revenues for 2011 on a national account basis, however, is calculated based on the course of revenues in the first two months of 2012 also, while part of the revenues for the first months of 2011 contribute to the calculation of 2010 revenues on a national accounts basis.
Ordinary budget expenditures increased by 8.8% compared to the same period of 2010. This increase mainly is due to the transfer of 429 million Euros to hospitals for the settlement of past debts and increased interest payments expenditures by 1,277 million Euros. Primary expenditures increased by 4.5% or 1,110 million Euros during the same period, mainly due to the increased grants to Social Security Funds (mainly to the Agricultural Insurance Organization –OGA and to the Wage Earners Fund – IKA) due to the reduced receipts from social security contributions, to the Employment Agency (OAED) for the payment of unemployment benefits and to Hospitals for the settlement of their obligations from procurement.
Moreover, Public Investment Budget (P.I.B.) expenditures declined by 42.3% or 1,563 million Euros.
It should be noted that the above data correspond to the execution only of the State Budget and thus do not reflect all fiscal data that are taken into account when measuring the General Government deficit according to the ESA95 (Eurostat’s) classification, which is the benchmark for the assessment of the Economic Policy Programme of Greece.
*The report is attached.
(capital.gr)
According to the preliminary data available for the execution of the State Budget for the six months January – June 2011, on a fiscal basis, the deficit amounts to 12,781 million Euros compared to the target of 10,374 million Euros set in the 2011 Budget, said the Ministry of Finance in a report. During the same period in 2010, the State Budget deficit amounted to 9,997 million Euros.
On State Budget (Ordinary and Public Investment Budget), expenditures are lower than the budget target (35,930 mil. Euros) by 644 million Euros while State Budget total revenues (Ordinary and Investment Budget) have a shortfall by 3,051 million Euros compared to the budget target (25,556 mil. Euros).
In particular, on a six month basis (January – June), net revenues amounted to 21,814 million Euros and declining by 8.3% comparing to the respective period of 2010. The revenue shortfall can be mainly attributed to the larger than projected recession – during the period when the Budget was being prepared – in the last quarter of 2010, lower receipts from vehicle’s circulation fees by 393 million Euros in January 2011 (because the due date for payment was not extended into January 2011, as in 2010), the reduced receipts from withholding personal income tax in 2011 due to the more favourable tax treatment of personal income as a result of the new tax law and the income reduction, the fact that credit institutions shifted for July the payment of 10% on the value of their preferred shares held by the State and the increased tax refunds due to the clearing of past years’ obligations.
On the other hand, revenues from the Public Investment Budget increased by 79.6% or 306 million Euros vis-à-vis the six months of 2010.
It is noted that the current revenue shortfall is expected to be tackled during the next six months, based on the anticipated performance of the tax measures included in the implementing Law of the Medium Term Financial Strategy 2011-2015.
Furthermore, It should be noted that the report on the execution of the State Budget provides revenue data for the five months of 2011 on a cash basis. The total level of revenues for 2011 on a national account basis, however, is calculated based on the course of revenues in the first two months of 2012 also, while part of the revenues for the first months of 2011 contribute to the calculation of 2010 revenues on a national accounts basis.
Ordinary budget expenditures increased by 8.8% compared to the same period of 2010. This increase mainly is due to the transfer of 429 million Euros to hospitals for the settlement of past debts and increased interest payments expenditures by 1,277 million Euros. Primary expenditures increased by 4.5% or 1,110 million Euros during the same period, mainly due to the increased grants to Social Security Funds (mainly to the Agricultural Insurance Organization –OGA and to the Wage Earners Fund – IKA) due to the reduced receipts from social security contributions, to the Employment Agency (OAED) for the payment of unemployment benefits and to Hospitals for the settlement of their obligations from procurement.
Moreover, Public Investment Budget (P.I.B.) expenditures declined by 42.3% or 1,563 million Euros.
It should be noted that the above data correspond to the execution only of the State Budget and thus do not reflect all fiscal data that are taken into account when measuring the General Government deficit according to the ESA95 (Eurostat’s) classification, which is the benchmark for the assessment of the Economic Policy Programme of Greece.
*The report is attached.
(capital.gr)
IL MARATONETA
Forumer storico
mi sa che ci dovranno buttare fuori....a pedate....
forum forever
tommy271
Forumer storico
Central Government Net Borrowing At €13.152b
In January-June 2011, the central government cash deficit increased to €13,152 million, from €11,450 million in the corresponding period of 2010, said the Bank of Greece in a statement. During this period, ordinary budget revenue decreased to €22,032 million, from €23,203 million last year.
Ordinary budget expenditure increased to €33,420 million from €30,145 million in January-June 2010.
(capital.gr)
In January-June 2011, the central government cash deficit increased to €13,152 million, from €11,450 million in the corresponding period of 2010, said the Bank of Greece in a statement. During this period, ordinary budget revenue decreased to €22,032 million, from €23,203 million last year.
Ordinary budget expenditure increased to €33,420 million from €30,145 million in January-June 2010.
(capital.gr)
LUP1051
Guest
PASTELLETTO
Guest
non avrei mai potuto pensare che la grecia fosse quella che avrebbe perso meno, stiamo messi bene
EDESMO
GGB: Est!, Est?, Est.....
PASTELLETTO
Guest
Beh una nota positiva c'è...Tra dieci minuti si chiude.
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