Saturday 16 December 2017

Luke Baker: One step forward, two steps back for Greece on debt

EVERY step Greece takes to shore up its finances seems to make it harder for Athens to make the numbers add up in the long-term, especially when it comes to its spiralling debt.

Monday's 2013 budget plan contained some positive news - for example, the expectation that Greece will have a primary budget surplus, before debt financing costs, for the first time since 2002 - as well as some more alarming forecasts.

Chief among those was an acknowledgement that the economy will shrink again next year, by 3.8pc, the sixth annual contraction in succession, and that the debt-to-GDP ratio will rise to 179.3pc in 2013, a dauntingly high figure.

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