GREEK ECONOMY

Greek state budget recorded a primary surplus of 5.739 billion euros in the January-October period, up from a budget target for a surplus of 4.179 billion and a primary surplus of 3.811 billion euros in the same period last year, the Finance ministry said in a report on Monday.

The Greek government on Thursday tabled the 2020 draft budget in Parliament which envisages a GDP growth rate of 2.8 pct and a primary surplus of 3.6 pct in 2020, exceeding a target for a 3.5 pct primary surplus and putting the Greek economy on track for stronger growth.

The recent upgrades in Greece's sovereign credit rating and positive prospects by Standard & Poor's (S&P) and DBRS has brought the country closer to investment-grade normalcy compared to other Eurozone countries.

Deputy Minister of Agricultural Development and Food Konstantinos Skrekas referred to potential challenges that might be faced by Greek farmers in the near future.

In his meetings with representatives of the international investing community, with his counterparts, the heads of the institutions and senior officials of IMF, Staikouras presented the targets, already being applied in the first three months of the new government, noting the markets and the institutions' positive reaction. He also focused on the main axes on which the roadmap for the country's economic course will be based.

The European Commission has found Greek plans aimed at supporting the reduction of non-performing loans of Greek banks to be free of any State aid. The Commission found that, under the asset protection scheme (known by the name of “Hercules”), the Greek State will be remunerated in line with market conditions for the risk it will assume by granting a guarantee on securitised non-performing loans.

Greece can achieve a 2.8 percent economic growth rate forecast in its 2020 budget draft if foreign investment activity picks up, says Kathrin Muehlbronner, Senior Vice President at Moody's Investors Service, in comments to Business Daily on Wednesday.

The budget sees gross domestic product expanding by 2.8 percent in 2020, versus a previous forecast of 2.3 percent in the country's mid term plan. This year, however, Greece's growth forecast will miss the mark, with expansion seen at 2 percent, as opposed to the 2.3 percent target previously set.