Greek public debt to decline in 2014, says report

The Greek public debt will fall this year for the first time after decades of rising trends, not only in absolute numbers but as a percentage of GDP, Pubic Debt Management Organization said on Tuesday.

In a report to Parliament, in response to a question by Maria Giatagana, an independent deputy, the Organization stressed that the country's public debt will fall both in absolute prices and as a percentage of GDP this year, for the first time after several decades of rising trends, after the country achieved a primary budget surplus, reducing interest spending following a debt restructuring in March 2012 (PSI) and promoting a privatization program. The Organization noted that net borrowing for 2014 will be 3.6 billion euros this year, offering evidence that the country needed to borrow less to finance its budget.

source: ΑΜΝΑ