The end of a nightmare for Greece, which after years of sacrifices sees a glimmer of light. At least from the point of view of public finances, given that today the EU Council closed the procedure for excessive deficits against Athens, thus confirming that the net deficit is now below 3% of GDP.
"After many years of serious difficulties the Greek public finances are in a better condition, we are now in the last year of financial support from the economic programs and the progress made now allows Greece to raise funds on the financial markets at sustainable rates," he said Estonian Finance Minister Toomas Toniste, current Ecofin president.
The Council recalls, as the EU executive already did, that from a deficit peak of 15,1% of domestic product reached in 2009, the Greek budget has improved steadily up to a surplus of 0,7% in 2016. " Although a small deficit is forecast for 2017, the fiscal outlook is improving again” in the coming years. The national debt-to-income ratio peaked at 179% in 2016 and should decrease in the coming years, even if the strict diet imposed by Brussels, it should be remembered, has caused considerable social suffering.
