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Limitations on Government Debt and Deficits in Greece

  • Athanasios D. TsevasEmail author
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Part of the Ius Comparatum - Global Studies in Comparative Law book series (GSCL, volume 20)

Abstract

In the course of implementing its obligations from the TSCG and EU Law Greece has recently introduced into its fiscal rules a balanced budget rule, a rule about the gradual reduction of any excess of the prescribed debt reference value, a rule about convergence of the annual structural balance of the general government towards the respective medium-term fiscal objective, rules about the preparation and adoption of a plan of remedial measures in case of significant deviations from the medium-term fiscal objective as well as rules about the establishment of an independent Fiscal Council. These novelties are embedded in a new Organic Budget Law which completes the overall reform of Greece’s fiscal management rules aimed at enhancing fiscal discipline and initiated by the MoUs containing the policy conditionality for EU-IMF financial assistance to Greece. This report aims at providing a comprehensive picture of the new legal framework with regard to fiscal discipline and especially to limitations on debt and deficit in Greece. The challenge for the future will be to bring about the political commitment it takes in order to use this framework for achieving better fiscal performance than in the past.

Keywords

Euro Area General Government State Budget Fiscal Rule Consolidate Budget 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer International Publishing Switzerland 2016

Authors and Affiliations

  1. 1.School of Economics and Political SciencesNational and Kapodistrian University of AthensAthensGreece

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