Skip to content
Subscriber Only

Greece’s Creditors Said to Seek 3 Billion-Euro Budget Cuts

Video player cover image

(Bloomberg) -- Berenberg Chief Economist Holger Schmieding and Mint Partners Strategist Bill Blain discuss Greece’s ongoing negotiations with its creditors and possibility of compromise. They speak with Jonathan Ferro on Bloomberg Television’s “On The Move.” (Source: Bloomberg)

Greece’s anti-austerity government needs to raise at least three billion euros ($3.4 billion) through additional fiscal measures by the end of this year to meet the minimum budget targets acceptable by creditors, an official with knowledge of the discussions said.

The reductions would bring the primary budget surplus in 2015 to just over 1 percent of gross domestic product, a target Greek Interior Minister Nikos Voutsis said today is acceptable. Without any change in fiscal policy, Greece would end 2015 with a budget deficit of about 0.5 percent of GDP, the official said. The so-called primary budget balance doesn’t include interest payments.