Greek state’s arrears to private sector again up in Oct. 2018; total reaches 2.61 bln€

11 December 2018
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The state’s arrears to the private sector increased in October 2018 – the last month for which figures are available – reaching nearly two billion euros. Specifically, the figure stood at 1.994 billion euros at the end of October 2019, up from 1.913 billion euros the previous month, September 2018.

The announcement comes after the poll-trailing Tsipras government this month finalized a 711-million-euro one-off “social dividend” to needy or low-income beneficiaries – the third year in a row that a similar welfare spending measure has been implemented before the end of the year, money derived from exceeding creditor-mandated annual fiscal targets. Nevertheless, completely covering arrears is a post-bailout commitment to creditors, a goal that will not be achieved by the end of the year.

If delayed tax rebates are included, then the state’s arrears exceed 2.61 billion euros, slightly up from 2.612 billion at the end of September 2018 – a development that shows that the coalition government is not making a “dent” in the closely watched figure.

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