2.3-billion-euro surplus in the eleven months of 2012

Cash flow data for the primary balance of the General Government (without interest payments) shows a surplus of 2.3 billion euros in the first eleven months of 2012 on an unconsolidated basis, against a deficit of 3.6 billion euros for the corresponding period of 2011.

 

In a relevant statement the Finance ministry says the figures confirm the satisfactory execution of the budget and that the result of these eleven months remained at the same level as the first ten months of 2012, with its outstanding liabilities decreased by 119 million euros in November.

 

«These positive developments in the implementation of the budget show that the fiscal consolidation effort is paying off, while also creating conditions for a gradual restart of the Greek economy in order for the country to switch from the cycle of deficits to sustainable development with a solid foundation,» the statement concludes.