The European Commission, the IMF and the European Central Bank, known as the “troika,” expects Athens to miss its goal of a primary budget surplus this year, German magazine Der Spiegel reported on Saturday, citing a source within the group of lenders.
Greece’s former conservative government last year said it would achieve a primary surplus of 3 percent of GDP this year, but the magazine quoted the source as saying: “Probably nothing will remain from that.”
It added Greece’s financial situation had worsened since January due to a lack of reforms under Greek Prime Minister Alexis Tsipras.
Photo: Reuters
A spokesman for German Minister of Finance Wolfgang Schaeuble declined to comment on the report, that also estimated Greece’s funding gap had grown to up to 20 billion euros (US$21.78 billion).
Greece has sent its creditors a long-awaited list of reforms with a pledge to produce a small budget surplus this year in the hope that this would unlock badly needed cash, Greek government officials said on Friday.
The list estimates a primary budget surplus of 1.5 percent this year, below the 3 percent target included in the nation’s existing bailout, and growth of 1.4 percent, the official said.
Photo: Reuters
The Greek Ministry of Finance recently revised last year’s primary budget surplus to 0.3 percent, from 1.5 percent of GDP as estimated by the former conservative government and agreed with the nation’s international lenders.
The ministry said its estimate was based on preliminary data and was partly due to a shortfall of 3.9 billion euros in state revenue late last year.
Greek Deputy Prime Minister Giannis Dragasakis was quoted by Xinhua news agency as saying that Greece would sell its 67 percent stake in the Piraeus Port Authority (OLP) within weeks, a U-turn by the government as it seeks funds from its creditors.
China’s COSCO Group (中國海運集團) was among five preferred bidders shortlisted under a privatization scheme agreed by the previous conservative-led government as part of a 240 billion euro ($261.37 billion) bailout program which Tsipras is seeking to renegotiate.
However, the importance of raising capital appears to have proven more important to the debt-stricken country.
Cosco and other bidders “can make a very competitive offer,” Dragasakis said during a visit by Greek ministers to China, Xinhua reported.
The deal would be completed in weeks after being slightly delayed by the change in Greek government, Dragasakis said, who hinted that Cosco was a forerunner, Xinhua reported.
OLP runs Pier 1 of Piraeus Port, Greece’s largest. China’s Cosco already manages two of Piraeus port’s cargo piers.
Greece has also launched a three-year program that includes large projects with China, Dragasakis added.
Anna Bhobho, a 31-year-old housewife from rural Zimbabwe, was once a silent observer in her home, excluded from financial and family decisionmaking in the deeply patriarchal society. Today, she is a driver of change in her village, thanks to an electric tricycle she owns. In many parts of rural sub-Saharan Africa, women have long been excluded from mainstream economic activities such as operating public transportation. However, three-wheelers powered by green energy are reversing that trend, offering financial opportunities and a newfound sense of importance. “My husband now looks up to me to take care of a large chunk of expenses,
SECTOR LEADER: TSMC can increase capacity by as much as 20 percent or more in the advanced node part of the foundry market by 2030, an analyst said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to lead its peers in the advanced 2-nanometer process technology, despite competition from Samsung Electronics Co and Intel Corp, TrendForce Corp analyst Joanne Chiao (喬安) said. TSMC’s sophisticated products and its large production scale are expected to allow the company to continue dominating the global 2-nanometer process market this year, Chiao said. The world’s largest contract chipmaker is scheduled to begin mass production of chips made on the 2-nanometer process in its Hsinchu fab in the second half of this year. It would also hold a ceremony on Monday next week to
TECH CLUSTER: The US company’s new office is in the Shalun Smart Green Energy Science City, a new AI industry base and cybersecurity hub in southern Taiwan US chip designer Advanced Micro Devices Inc (AMD) yesterday launched an office in Tainan’s Gueiren District (歸仁), marking a significant milestone in the development of southern Taiwan’s artificial intelligence (AI) industry, the Tainan City Government said in a statement. AMD Taiwan general manager Vincent Chern (陳民皓) presided over the opening ceremony for the company’s new office at the Shalun Smart Green Energy Science City (沙崙智慧綠能科學城), a new AI industry base and cybersecurity hub in southern Taiwan. Facilities in the new office include an information processing center, and a research and development (R&D) center, the Tainan Economic Development Bureau said. The Ministry
State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday signed a letter of intent with Alaska Gasline Development Corp (AGDC), expressing an interest to buy liquefied natural gas (LNG) and invest in the latter’s Alaska LNG project, the Ministry of Economic Affairs said in a statement. Under the agreement, CPC is to participate in the project’s upstream gas investment to secure stable energy resources for Taiwan, the ministry said. The Alaska LNG project is jointly promoted by AGDC and major developer Glenfarne Group LLC, as Alaska plans to export up to 20 million tonnes of LNG annually from 2031. It involves constructing an 1,290km
RSS