22 Jan 2014
Greek budget surplus could be largely wiped after court rejection of wage cuts
FXstreet.com (Łódź) - The Greek government revealed on Wednesday that Greece's primary surplus for 2013 amounted to 603 million euros. Nevertheless, a ruling announced earlier today by the Council of State, Greece’s highest administrative court, could seriously deplete the country's finances.
The court has rejected wage cuts on police and armed forces, imposed under the international bailout in 2012, deeming them unconstitutional.
Without these reductions Greece's surplus could shrink by as much as 500 million euros, which would further undermine the arduous negotiations with Troika inspectors to release the next tranche of aid.
The court has rejected wage cuts on police and armed forces, imposed under the international bailout in 2012, deeming them unconstitutional.
Without these reductions Greece's surplus could shrink by as much as 500 million euros, which would further undermine the arduous negotiations with Troika inspectors to release the next tranche of aid.