Creditors see budget gap for next year, press for more measures

31 October 2016
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Representatives of Greece’s international creditors are pushing for more austerity measures as they have detected a budget gap for next year of between 0.15 and 0.2 percent of gross domestic product.

According to sources, the measures being sought by the creditors are worth around 360 million euros.

Sources at the Finance Ministry counter that there will be no budget gap for next year as any divergence in estimates will be plugged by an excess of revenue.

Foreign auditors believe that the money that the government has budgeted to fund its Social Solidarity Income (SSI) program for Greeks hardest hit by austerity has not been secured, hence the budget gap.

According to sources, creditors predict a similar budget gap for 2018 and will propose cuts to welfare benefits and tax breaks to bridge the gap.

Talks on the budget gap and the enforcement of austerity measures are to resume on November 14 when foreign envoys return to Athens.

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