Panic for the primary surplus of 3.4 billion euros

If someone tries to calculate the primary surplus of 3.4 billion euros, then he will get lost in estimates and assumptions... between Eurostat and ELSTAT. As much as one tries to make sense, in the end 900 million euros are missing from the 3.4! Reading the announcement of the European Statistical Authority, the level of the primary surplus isn't clearly stated, but occurs after a series of calculations, which again don't make the final result.

So Newsbomb.gr tried to do the calculations in order to see how the primary surplus was achieved. Eurostat accepts that the financial general government deficit was 23.1 billion in 2013 together with the impact of the... support to banks. In 2013 the General Government made transfers of funds amounting to 6.18 billion euros for the consolidation of banks and other 14.76 for the recapitalization of the four systemic banks, according to data sent by the ELSTAT to Eurostat on 14 April. The impact on the deficit, according to the Hellenic Statistical Authority, was 19.72 billion.

If we don't compute this effect, then the deficit would be around 3.8 billion euros. If we subtract the interest payments, then the primary surplus in 2013 is 3.4 billion, according to data from Eurostat, while in terms of the "memorandum" and ELSTAT it falls to 1.5 billion euros, as indicated by the announcement and Ministry of Finance. Interest payments, however, in 2013, touched 5.88 billion, according to the announcements about the amortization by 2030, after a question from a Member of Democratic Left Maria Giannakaki.

Why mention this? Because if from the government deficit in 2013 of 3.38 billion euros we subtract interest paid last year of 5.88 billion, the primary surplus reaches 2.5 billion. This means we lack 900 million euros! All you can surmise is that these 900 million are the return of profits from bonds of the Bank of Greece that have been committed for return to the Greek public.