Surplus of 2.3bln Euro Recorded In Jan-Nov Period

(Photo credit: 401(K) 2012)

Greece's government budget apparently posted a primary surplus of some 2.3 billion Euros, on a non-consolidated basis, in the first 11 month period of 2012, against a primary deficit of 3.6 billion Euros that was recorded in the corresponding period of 2011. The Greek Finance Ministry said on Wednesday that the figures remained at the same level as the 10-month period of 2012, with a reduction of 119 million Euros in the state's outstanding debts in November.

At the same time the ministry noted that the General Government data of January-November 2012 "confirms the satisfactory execution of the budget", noting that "these positive developments in the execution of the budget indicate that the effort fiscal streamlining, adjustment and discipline are bearing fruit, while the conditions are also being created to gradually re-start the economy, aiming for the country to move on from a deficits cycle to a cycle of sustainable growth, on firm foundations".