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Thursday, May 26, 2022

Skylakakis: The Possibility Of a New Memorandum is Open – Public Debt Has Skyrocketed

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The Deputy Minister of Finance, Theodoros Skylakakis, made a shocking statement today, as he left open the possibility of a new memorandum, since he predicted that due to the meaures / bans for Covid-19, the public debt will skyrocket!

Specifically, Mr. Skylakakis stated that the country is walking on a “tightrope, between dealing with the emergencies caused by the pandemic and avoiding situations and commitments that we had in previous years”, clearly implying that there is the threat of a new memorandum!

Regarding the debt as a percentage of GDP, it is estimated at 204% to 206%, (something that is logical to lead to new memorandum).

Mr. Skylakakis attributed the increase of debt not only to the effects of the pandemic but also to the revision of the calculation method recently made by ELSTAT, as a result of which the GDP of 2019 is estimated lower by 4 billion euros and of 2018 by 5 billion euros.

Regarding the recession of 2020, due to the second lockdown of the government, Mr. Skylakakis estimated it a little over 10%, revising upwards the forecasts so far.

As for the annual growth, he claimed that it will be a little over… 5% but he linked it to a large extent with tourism, which the government expects to move maybe a little over 60% compared to 2019, without of course this is to be sure, especially at a time when the whole world is plunged into recession and crisis.

That was the first statement by a government official that suggests that memorandum are coming and may follow in the coming weeks, as it is clear that the government’s lockdowns have led the country to a financial Armageddon worse than in 2010.

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