Fiscal Path
A recent IMF report offers key insights for India amid an increasingly debt-laden global economy.
The Greek parliament have ratified the 2018 state budget as the government appeared confident that it will be the last one tabled while the country was under a bailout programme.
The budget was approved on Tuesday evening with the backing of the 153 deputies of the two-partite Left-led ruling coalition, while 144 MPs voted against, reports Xinhua news agency.
A total of 297 lawmakers participated in the roll-call vote.
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It projects 2.5 per cent GDP (gross domestic product) growth next year up from 1.6 per cent for this year and a 3.8 per cent of GDP primary surplus for 2018 up from 2.4 per cent forecast for 2017.
Both estimates are higher than the targets set by the current three-year bailout programme which expires in 2018.
Addressing the plenary shortly before the roll call vote, Prime Minister Alexis Tsipras argued that the 2018 budget heralds the post-bailout era and Greece’s return to normalcy.
“The country will honour the commitments it has made towards its creditors and will achieve a stable and lasting access to the international markets at favourable rates,” he said.
The debt-ridden country has been shut out by international markets since 2010, when it resorted to the first bailout to avoid disorderly default.
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