BREAKING NEWS

Report: Greece to get extra year to achieve primary surplus

By REUTERS

FEBRUARY 9, 2012 04:03

ATHENS - Greece will be given one extra year until 2015 to produce a primary surplus of 4.5 billion euros under the terms of a new bailout agreement with the European Union and the IMF, an official at one of the Greek coalition parties said on Thursday.

Previously Athens had to achieve the surplus, which excludes interest payments, by 2014 so this gives the government a little extra breathing space on tackling its budget problems.

Under the deal, the government must also specify additional austerity measures worth 10 billion euros in June for the 2013-2015 period, the party official said, requesting anonymity.

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