IMF to take full control of Greek GDP surplus

17 April 2017
354 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

Greek Defence Council underway over F-16 upgdare and frigates
GREECE
shares22 views
GREECE
shares22 views

Greek Defence Council underway over F-16 upgdare and frigates

makis - Apr 23, 2018

In light of Turkey’s continuous belligerent stance towards Greece, the Governmental Council on Foreign Affairs and Defence (KYSEA) is meeting…

Greek GDP primary surplus at 4.2%, EC Vice-President and ELSTAT say
GREECE
shares23 views
GREECE
shares23 views

Greek GDP primary surplus at 4.2%, EC Vice-President and ELSTAT say

makis - Apr 23, 2018

Greece has achieved a 4.2% primary surplus of the GDP fo 2017, according to official data released by the Hellenic…

Turkey: “We lowered all flags from the rocks & sent videos to Greece”
SLIDE
shares43 views
SLIDE
shares43 views

Turkey: “We lowered all flags from the rocks & sent videos to Greece”

makis - Apr 23, 2018

Yigit Bulut, the head adviser to the Turkish President provokes once again by saying that “it would be a shame…

Leave a Comment

Your email address will not be published.