Athens points to continuing drop in borrowing cost in argument to ease annual fiscal targets

Thursday, 08 August 2019 21:13
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By T. Tsiros

Greece's finance minister, Christos Staikouras, had officially broached the new Mitsotakis government's standing desire to reduce creditor-mandated annual primary budget surplus targets, as a percentage of GDP, less than two weeks after the July 7 general election.

In a response to a previous EU Commission letter, Staikouras opined that a continuing decrease in borrowing costs positively affect sustainability of the country's debt, as well as markets' expectations.

The new center-right Greek government that assumed power early last month has repeatedly cited the need to slash fiscal targets that the thrice-bailed out country must record on an annual basis, namely, 3.5 percent of GDP until 2022.

Staikouras' letter was dated July 19, coming three days after a letter by the Commission to Athens, which referred to an extension of the "enhanced supervision" regime for Greece by another six months.

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