IMF to take full control of Greek GDP surplus

17 April 2017
553 Views

The draft of the staff level agreement between Greece and its creditors provides that the IMF will have complete oversight of the Greek GDP surpluses, as protothema.gr is in the position to know.

The agreement, which was forwarded to the Greek government, will give the Fund the capacity to control and either verify or reject data by the Greek Statistical Services (ELSTAT) regarding the course of the surplus.

In light of this, the IMF will decide on whether pensions cuts equal to 1% of GDP will take effect, with subsequent countermeasures (benefits) the Greek Finance Minister alluded to during his press conference in Malta, in then event the Troika (in essence the IMF) project a primary surplus for the second term of 2018 of 3.5% of the GDP for 2018.

In the event the primary surplus amounts to 2.5% of GDP for 2018 then the 1% pension cuts will take effect without countermeasures from the start of 2019, while if the primary surplus proves to be 1.5% for 2018 then apart from 1% GDP pension cuts there will also be an additional series of measures on the free tax threshold worth 1% of GDP will be enacted earlier in 2019 instead if 2020.

You may be interested

Turkey: “We will continue to protect the ‘Turkish minority’ in western Thrace”
WORLD
shares47 views
WORLD
shares47 views

Turkey: “We will continue to protect the ‘Turkish minority’ in western Thrace”

makis - Jan 18, 2019

Turkey’s Foreign Ministry spokesman stated in a press conference on Friday regarding the “Turkish minority” in western Thrace in Greece,…

Government plans to transfer Knossos and Leonidas’s tomb to Private Fund, archaeologists say
GREECE
shares31 views
GREECE
shares31 views

Government plans to transfer Knossos and Leonidas’s tomb to Private Fund, archaeologists say

makis - Jan 18, 2019

The Greek government plans to transfer 587 monuments and cultural buildings in 37 provinces across the country to the Hellenic…

Things to do with kids in Greece: Athens and the Greek Islands
GREECE
shares789 views
GREECE
shares789 views

Things to do with kids in Greece: Athens and the Greek Islands

Panos - Jan 18, 2019

With a rich history about one of the greatest civilizations on earth and a Mediterranean coast that draws attention to…

Leave a Comment

Your email address will not be published.