OUR Hellas reduced the debt ratio by 23.3% in 2022newspaper writes Handelsblattnoting that this is the best indicator in the European Union.

The decline, according to the newspaper, is mainly due to strong economic growth from the last two years.

“The good economy brought more tax revenue to the treasury than expected. Instead of an expected primary deficit – excluding interest spending – of 1.6% of GDP, a small surplus of 0.1% was recorded at the end of 2022,” writes the German economic newspaper, adding that “the fiscal success is even more noticeable as Last year, the government paid out about 10 billion euros in energy subsidies.”

In addition, in the first quarter of 2023, tax revenue was 12.4% above the target, the report said.

“Conservative Prime Minister’s Government Kyriakou Mitsotakis so he goes to the parliamentary elections on May 21 with a solid budget.

Mr. Mitsotakis is running for a second term. His New Democracy party currently leads the former prime minister’s radical left SYRIZA by about five percentage points in opinion polls. Alexis Tsipras“, continues the publication and notes that Kyriakos Mitsotakis “promises voters to continue the course of consolidation and reform.”

He refers to the stability program submitted by Greece to the European Commission “with ambitious goals” for the next four years.

According to the programme, “By 2026, the debt ratio should be reduced by 36 percentage points to 135.2% and if this forecast is confirmed, Greece will no longer be the country with the largest deficit, but it will be surpassed by Italy with a forecast of 140.4% in 2026,” the newspaper writes, and clarifies that, although high, the Greek public debt is considered sustainable by the European Commission due to its special characteristics.

“But the country is still far from debt reduction: the repayment of ESM and EFSF aid loans will not begin until 2034 and will last until 2070,” the editor emphasizes.

MONKEY BEE