World Economy

Greece Records 3.9% Surplus

Greece Records 3.9% SurplusGreece Records 3.9% Surplus

Greece reported a 2016 primary surplus almost eight times higher than its bailout target, but the International Monetary Fund remains skeptical of the country’s success, Public Finance International reported. According to data published by the Greek official statistics office, the Hellenic Statistical Authority, Greece achieved a surplus worth 3.9% of GDP excluding interest payments last year. The target of its third, €86 billion ($92.04 billion) bailout program was a primary surplus of 0.5%. When debt-servicing costs were included, the accounts were in surplus to the tune of 0.7% of GDP–equal to €1.3 billion. This compares to a deficit of 5.9% in the previous year.

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