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Greece Plans to Beat 2014 Budget Target

Today, Greece stated that it will make a 2014 budget target mandated by global lenders, and even beat the set monetary goal.

It is possible the Hellenic state may activate bond markets again, with a 3 to 6 billion euro issue, to cover any possible funding breach over the next year.

Deputy Finance Minister Christos Staikouras reported that this year, Athens experienced a 2.3% primary budget surplus, which surpassed a 1.5% target, administered by the International Monetary Fund and the European Union. He added that these amounts are within a revised mid-term budget plan, that awaits Parliamentary approval.

Staikouras commented that the 2015-2018 mid-term plan reinforces the nation's successful monetary growth recovery, and preservation of primary budget surpluses. The mid-term plan forecasts GDP growth in 2015-2018 at a 3.3% average, that will result in a 15.9% unemployment rate by 2018.

The Deputy Finance Minister believes the nation has the potential to sell 3 to 6 billion euros in bonds, over the next year. Greece has remained firm on its stance not to request a third bailout, however euro zone lenders are more cautious and have promised to lend required aid if need be.