Greek parliament introduces austerity regime

07.12.2011 Recently the Greek Parliament has approved the state budget draft for 2012. Officials say that next year the country's budget will be deficit, and therefore there will be introduced austerity measures. The project includes measures to implement the realization program of Greek government bonds at a discount of 50%. As a result, the total expenditures of Greece in 2012 should be 5 billion euro and revenues - 4.5 billion euro. The budget draft provides with primary budget surplus (excess of revenues over expenditures, excluding payments on public debt), which amount is 2.2 billion euro.

Expert’s opinion

“On the basis of budget draft for 2012 in Greece, we can predict a further decline of the economy in the state. The country's GDP, according to specialists’ opinions, should be reduced by 5.5% next year. Also the rates of unemployment in 2012 were calculated - they were disappointing - 17.1%. It is clear that any action, even the most effective, can’t in a moment revive the economy, it will take more than a decade to do that”.

On the basis: www.hellenicparliament.gr

Andrianova Irina ( the lawyer of international consulting department of Honest&Bright)