http://www.minfin.gr/portal/en/resource/contentObject/id/0d8d00d7-d40f-41a7-969e-276cc2a87207
http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_11345_20/04/2012_438674
According to data available for the execution of the State Budget for the three months January – March 2012, on a modified cash basis, the State Budget deficit amounted to 7,278 million Euros, a significant improvement relative to the target deficit of 8,596 million Euros set in the 2012 Supplementary Budget. During the same period, the State Budget primary deficit amounted to 333 million Euros, notably better relative to 1,399 million Euros primary deficit required to be in line with targets.
State Budget net revenues amounted to 12,840 million Euros, performing slightly below the target set in the 2012 Supplementary Budget (12,975 million Euros) by 135 million Euros.
The reason for this shortfall is the underperformance of the Ordinary Budget net revenues by 160 million Euros relative to the target (11,603 million Euros).
The lower than anticipated outturn in Ordinary Budget net revenues can be attributed to a shortfall in revenue from excise taxes on energy products and VAT due to domestic demand contraction.
It should be noted however that revenues before refunds in the first quarter of 2012 are higher than during the equivalent period in 2011 mainly due to the improved personal income tax returns that have compensated for the year-on-year reduction in revenue from transaction taxes resulting from the contraction in economic activity, and the expiration of the extraordinary levy on profitable companies imposed in 2011.
Furthermore, a significant improvement was recorded in the collection of tax arrears due to intensified audits and in excise tax revenues due to an increase in the rate charged on tobacco.
Public Investment Program revenue amounted to 1,397 million Euros, against a target of 1,372 million Euros.
Furthermore, a significant improvement was recorded in collection of tax arrears due to intensified audits and in excise tax revenues due to an increase in the rate charged on tobacco.
State Budget expenditures for the first quarter of 2012, equalled 20,118 million Euros, 1,453 million Euros lower than the year-to-date target (21,571 million Euros) forecast in the 2012 Supplementary Budget.
This development reflects primarily the significant containment of Ordinary Budget spending (991 million Euros below the target) following tight control of primary expenditures that equalled 12.223 million Euros (- 592 million Euros below the budget target). In addition, military procurement (116 million Euros below the target) and net interest payments (252 million Euros below the target) were lower than projected in the Supplementary Budget.
Public Investment spending was also restricted by 462 million Euros relative to the target (950 million Euros) during the first quarter, amounting to 488 million Euros.
State Budget expenditures up to March 2012 were 3.795 million Euros higher than in the same period of 2011, reflecting primarily the significant year-on-year increase in net interest payments of 3,711 million Euros related to the debt exchange operation completed in March 2012 (PSI).
http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_11345_20/04/2012_438674
PSI costs domestic lenders dearly HFSF commits itself to participating in the recapitalization process The 2011 losses of Greece’s four major commercial lenders totaled a record 28.26 billion euros as a result of their participation in the private sector involvement (PSI) program aimed at reducing the country’s debt burden. Bank officials told Kathimerini that the losses were inevitable due to the considerable exposure that National, Eurobank EFG, Alpha and Piraeus had to state bonds. National Bank posted losses of 12.34 billion euros last year, with the PSI program accounting for 11.78 billion of that sum. For Eurobank, the corresponding figures were 5.5 billion and 4.6 billion, while for Alpha they were 3.83 billion and 3.81 billion, with the latter’s officials stressing its relatively strong capital base. Piraeus, on the other hand, registered losses of 6.6 billion euros, with 5.9 billion of that being PSI-related. State lender ATEbank received a 40-day extension to its deadline for announcing financial results for 2011, as the government is still in negotiations with its creditors regarding how it and Hellenic Postbank will be recapitalized. At least the road to the recapitalization of banks is open, as the Hellenic Financial Stability Facility (HFSF) committed itself yesterday to participating in the planned share capital increases of the country’s major banks with 18 billion euros, which the Bank of Greece has deemed viable. HFSF sent a letter to the four banks on Friday informing them it will invest 6.9 billion euros in National Bank, 4.2 billion in Eurobank, 1.9 billion in Alpha and 5 billion in Piraeus. These funds should secure a capital adequacy index of more than 8 percent, which renders them viable and secures their uninterrupted funding from the Eurosystem. However, the crucial issue of the incentives that will determine whether or not private investors participate in this tough process will be decided after next month’s elections. ”Only when the terms of recapitalization are finalized will we be able to assess the real needs that must be covered,” bank officials told Kathimerini. and..... More in from Athens where Helena Smith says the Greek government now looks likely to hold a cabinet meeting next week to discuss ways of completing the procedure of recapitalising the country's banks.
The extent of the writeoffs made by Greece's banks in the wake of last month's sovereign debt restructuring has now been made clear, with the big four banks recording total losses of around €28bn between them. and...
|
No comments:
Post a Comment