“The state budget draft plan incorporates only one scenario. That of the execution of fiscal policy in 2019,” Alternate Finance Minister George Chouliarakis said on Thursday.
Speaking in Parliament, Chouliarakis said that the “structure, form of this draft plan is different from previous draft plans, indeed. It has a base scenario incorporating what has already been legislated, without any new interventions, it has a second board including what the government plans to legislate in 2019 and finally it includes the board presenting the fiscal policy for 2019”. He added that the budget draft plan, for the first time this year, will be submitted in the framework of the European Semester since the country completed its adjustment programme. “The European Semester means coordination of fiscal policies by all Eurozone member-states,” he noted.
The government tabled a budget draft plan changing the fiscal policy mix towards maximizing and strengthening social protection, he said. “Public finances are in a sustainable orbit and I don’t think anyone can doubt this. The uncertainty which plagued the country for so many years, has receded, it’s gone. The country’s credit rating is gradually upgraded, the borrowing cost has dropped from 11 pct to 4.0 pct, it remains high but significantly lower compared with the previous year with the prospect of falling more as soon as turbulence in Europe, because of Italy, and in emerging economies (Turkey and Argentina) recede,” Chouliarakis said.