By T. Tsiros
Creditors have calculated the state’s arrears to the private sector – contractors, suppliers, legal services etc. – at 8.045 billion euros as of September 2016, according to an official document conveyed to the EuroWorking Group this week.
The figure is higher by two billion euros in relation to the number supplied by the finance ministry, regarding arrears accumulated by the general government.
The document was part of documentation demanded by Eurozone finance ministers earlier in the month, in order to finally free up 1.1 billion euros of a 2.8-billion-euro sub-tranche in bailout loan money left over from the first review of the Greek program (third bailout) in the spring.
The entire sub-tranche was freed up the ESM this week, after a EWG recommendation.
According to the reports, the discrepancy stems from the fact that the ESM calculates net arrears by the state towards the private sector, regardless of whether these are income tax rebates or retroactively owed monthly pensions to new retirees.
Based on general government data, arrears to the private sector reached 4.921 billion euros by the end of August 2016, or, 6.262 billion if income tax rebates to taxpayers are included.
