Stournaras: We are short only 10.5 billion euros for 2014-2016

The financing gap in Greece for 2014 - 2015 is no more than 10.5 billion euros, Finance Minister Yannis Stournaras said after the completion of the Eurogroup meeting in Brussels on Monday.

Asked about the height of the financial needs of the country, Stournaras said that Greece is not facing a substantial budget gap for 2014 and estimated it at around 5 billion euros, essentially responding to ECB executive board member Jörg Asmussen’s statements on Monday.

Asmussen placed the financing gap of Greece in 2014 at 6.5 billion euros. Commenting on this, Stournaras said that all proposals are on the table and that the gap will be filled either with a rollover of bonds or an equivalent way.

"Nothing is off the negotiating table. As we honor our commitments, so the partners will honor their own," Finance Minister said.

Stournaras expressed confidence that there will be no further horizontal fiscal measures, and that the main weight of government efforts is focused on the greater potential of GDP growth and the adoption of purely structural measures. He added that the "cyclically adjusted primary surplus" of Greece amounts to 4-6% of GDP.

Regarding the debate about the sustainability of the Greek debt, Stournaras said that Greece wants “a debt impairment,” adding that this can be achieved in various ways, such as extending the maturity of loans and/or reducing the interest rates.

Asked about the exit of Greece in the markets, Stournaras said that it will take place before the end of the fiscal program and specifically at the second half of 2014 by issuing limited amount bonds.