Greece, creditors reach deal on budget targets

GMT 02:49 2015 Tuesday ,11 August

Arab Today, arab today Greece, creditors reach deal on budget targets

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Athens - AFP

Greece and its creditors early on Tuesday reached a deal on the debt-hit country's budget targets for the next three years, a government source told state agency ANA.

Athens has committed to a primary deficit of 0.25 percent of output in 2015, and a surplus in 2016, meaning that no new fiscal measures will be necessary until then, the source said.

In 2016 the primary surplus -- the balance not including debt service -- will be 0.5 percent, followed by 1.75 percent in 2017 and 3.5 percent in 2018, the source said.

The agreement keeps Greece on course for a third bailout that would enable it to repay 3.4 billion euros ($3.7 billion) to the European Central Bank on August 20.

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