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Greek FinMin: 'We must be very careful with our fiscal policy'

Featured Greek FinMin: 'We must be very careful with our fiscal policy'

"If there is additional fiscal space, this will be distributed to the society. Borrowing costs from capital markets have risen for all European countries and this means that we have to be very careful in our fiscal policy," Greek Finance Minister Christos Staikouras said on Wednesday.

In comments made to the public television channel ERT 1, Staikouras said: "We always act based on the fiscal space that exists and on that each measure must be directed to citizens, with particular care for the most vulnerable households". He added that the state had helped by cutting social insurance contributions or with support measures to boost available incomes, and was continuing now by announcing support measures for February, raising the money distributed so far to 1.75 billion euros. Staikouras said the government continued to lower taxes and move with a double increase in the minimum wage, while at the same offering more flexibility in the repayment of taxes and a wide range of measures aimed at relieving the burden on households.

 "We operate and take our decisions based on the needs and capabilities of the fiscal space, so that the money goes to the citizens and is not lost in the supply chain and also to support the middle classes and low incomes. There can be no further tax cuts at this point. We will keep some funds in the budget for later, if necessary," Staikouras said.