Fiscal gap

The fiscal gap that has been dogging the 2020 state budget is closing, Finance Ministry officials say, arguing that the difference, currently estimated at 500 million euros, will have been bridged by October 15.

Prime Minister Kyriakos Mitsotakis discussed reforms aimed at boosting growth and creating new and well-paid jobs with visiting European Commissioner for Economic and Financial Affairs Pierre Moscovici on Friday.

The government is preparing a convincing package of measures to lead to the reduction of next year's fiscal gap, estimated at 0.5 percent of gross domestic product. As one eurozone official said, Greece will have to complete and forward its draft budget, complete with the bridging of that gap, by October 15.

The Greek government is planning to impose new special contributions in order to address the fiscal gap in 2016.

According to information, the new special contribution up to 10% is already discussed and is included in the Greek proposal.

The International Monetary Fund asks Greek government to take new measures in order to cover its fiscal gap, as they had already informed Greece since November during the Euro Working Group conferece call, according to an official document.

The more the new Radical Left Coalition (SYRIZA) government focuses on the figures, the nearer it gets to introducing more austerity measures. The most crucial stage of negotiations with Greece's international Greek creditors came on Wednesday as Finance Ministry officials gazed at a fiscal gap of 5-7 bln euros.

 Election promises and revenue shortfall could take the fiscal gap to as much as 5 billion euros this year

By Sotiris Nikas

 After last year’s forecast failure, the troika should be less intransigent on its fiscal gap estimate for 2015

By Dimitris Kontogiannis

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The Finance Ministry has entered the last phase of drafting the final version of the 2015 national budget but the fiscal gap for next year remains a sticking point with the troika.