FinMin Tsakalotos Proposes Lower Primary Surplus Targets after 2018, with Savings Directed to Growth

FinMin Tsakalotos Proposes Lower Primary Surplus Targets after 2018, with Savings Directed to Growth

Greece's Finance Minister Euclid Tsakalotos on Monday proposed the lowering of primary surplus targets by one percentage point in 2019, after the end of Greece's adjustment programme in 2018, from 3.5 pct of GDP to 2.5 pct of GDP. Speaking at the American-Hellenic Chamber of Commerce 27th annual "The Greek Economy" Conference, he said the estimated 1.8 billion euros this will save should be spent exclusively on boosting competitiveness, by lowering the taxes and contributions paid by small and medium-sized enterprises.
Tsakalotos said he was addressing his proposal to those countries that claimed Greece's problem was not high debt but low competitiveness.
The minister also clarified that "fiscal space" created by tackling tax evasion and illegal trade will be spent on social actions, while that from reducing primary surpluses will be spent on growth. 
 
 
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