Budget for 2017 will be focused on austerity and pensions

9 June 2016
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The Alternate Minister of Finance Giorgos Houliarakis has announced details on the budget for 2017 via a circular, with expenses set to be capped at 55 billion euros. The circular includes a table outlining the major budgetary changes.

Overall, primary expenses are set to increase from 55.603 billion euros this year to 55.775 billion euros in 2017. The expenses for interest payments will drop by 254 million euros to 5.750 billion euros.

In the new budget the primary expenses for pensions will drop by 133 million euros to 6.376 billion euros, while wages will also increase from 11.055 billion to 11.321 billion euros.

Meanwhile, the newly-formed independent authority for public revenue, which was a creditor requirement and will begin operating in January 2017, will have a budget of 385 million euros.

The Ministry of Health will see its budget increased to 4.693 billion euros (up 97 million euros) and the Ministry of Health to 4.384 billion euros (up 183 million euros).

In the case of the Ministry of National Defense, the budget will increase by 500 million euros (to 3.081 billion euros), however procurement expenses will be reduced to 457 million euros (down by 141 million euros).

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