Greece’s second-consecutive budget surplus demonstrates the authorities’ continuing commitment to fiscal consolidation, Fitch Ratings announced on Thursday, according to ANA.
This supports Fitch’s expectation of improving debt sustainability in Greece, even though how far and how fast public debt will fall will largely be determined by the nature of the debt relief currently under discussion by Greece’s international creditors, the credit agency noted in a statement.
“We think primary surpluses may fall below these targets beyond 2020, but we still believe gross general government debt (GGGD) peaked in 2016 and will fall more rapidly from next year, reaching 137% of GDP by 2025, assuming annual average nominal GDP growth of 3.5%, but not factoring in any future official sector debt relief,” Fitch added.
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