Greece Achieves Primary Surplus

The European Commission has confirmed that Greece has achieved a primary budget surplus of 1.5 billion Euro, or 0.8% of GDP, in 2013 being well ahead of the 2013 target.

This success is a “reflection of the remarkable progress Greece has made in repairing its public finances since 2010”, Simon O’ Connor, a spokesman for the European Commission said at a news conference in Brussels on April 23. The news is likely to set the stage for further reductions in Greece’s debt over the long term, as the country demonstrates its ability to control its finances.