In 2020 budget, Greece vows to beat post-bailout targets

November 21, 2019 - 9:32 am

ATHENS, Greece (AP) — The Greek government has pledged to exceed the strict surplus targets demanded by its former bailout lenders for this year and next.

In the 2020 budget submitted to Parliament Thursday, the government says it will outperform its primary surplus target— the annual balance before debt servicing costs —of 3.5% of annual GDP in 2019 and 2020.

The budget was published after receiving formal approval from the European Union’s executive arm. Though Greece is no longer receiving direct funds from EU members, the European Commission retains a surveillance role and monitors the country’s debt repayment schedule.

The government stuck to its ambitious growth target of 2.8% next year, with the national debt expected to ease to 178% of GDP.

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