Greek PM says 2020 budget will respect fiscal targets

ATHENS (Reuters) - Greece will submit a 2020 budget later this year that will fully respect the fiscal targets agreed with its lenders, newly elected Prime Minister Kyriakos Mitsotakis said on Saturday. Outlining his main policies, Mitsotakis told Greek lawmakers that the budget would not put fiscal targets for 2019 and 2020 at risk

Reuters July 21, 2019 00:06:29 IST
Greek PM says 2020 budget will respect fiscal targets

Greek PM says 2020 budget will respect fiscal targets

ATHENS (Reuters) - Greece will submit a 2020 budget later this year that will fully respect the fiscal targets agreed with its lenders, newly elected Prime Minister Kyriakos Mitsotakis said on Saturday.

Outlining his main policies, Mitsotakis told Greek lawmakers that the budget would not put fiscal targets for 2019 and 2020 at risk.

Greece emerged from economic adjustment programmes overseen by its lenders last August but still needs to meet fiscal targets, including a primary budget surplus -- which excludes interest payments on its debt -- of 3.5 percent of annual economic output up to 2022.

"In the draft budget for 2020, the given fiscal balance is not disrupted and the primary surplus targets for the years 2019 and 2020, agreed by the previous government, are not disputed," Mitsotakis said.

He added that his government aimed to implement bold reforms and secure credibility in the eyes of the country's partners and international investors.

Mitsotakis won the July 7 election by a large margin over former leftist prime minister Alexis Tsipras on a pledge to cut taxes and speed up investments to spur growth in a country which lost a quarter of its output during the Greek debt crisis.

He plans to reduce corporate tax to 24% on 2019 profit from 28% currently and halve taxation on dividends to 5 percent.

He also said that a highly unpopular property tax that was introduced in 2012 at the height of the crisis will be cut by an average 22% this year.

(Reporting by Angeliki Koutantou and Michele Kambas; Editing by Kirsten Donovan)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.