natgillin/translations-raw huggingface dataset:
Åðß ôïõ ðáñüíôïò äåí õðÜñ ÷ ïõí åíäåßîåéò üôé ï ðñïûðïëïãéóìüò ôïõ 1998 ðåñéëáìâÜíåé óçìáíôéêÜ ìÝôñá ìå ðñïóùñéíÞ åðßäñáóç .
Currently , there is no evidence of significant measures with a temporary effect in the 1998 budget .
Ãéá ôï 1999 ðñïâëÝðåôáé ðåñáéôÝñù âåëôßùóç : ï ëüãïò ôïõ åëëåßììáôïò ó ÷ åäéÜæåôáé íá ðåñéïñéóôåß óôï 2,1% êáé ï ëüãïò ôïõ ÷ ñÝïõò óôï 101 % ôïõ ÁÅÐ .
Further improvement is projected in 1999 , when the deficit ratio is planned to reach 2.1% and the debt ratio to stand at 101 % of GDP .
Ç åðéäéùêüìåíç åîÝëéîç ôïõ äçìïóéïíïìéêïý åëëåßììáôïò åßíáé ãåíéêþò åíáñìïíéóìÝíç ìå ðñïçãïýìåíá ðñïãñÜììáôá - ðëçí ôïõ 1999 , ãéá ôï ïðïßï áíáìÝíåôáé Ýíá ëéãüôåñï åõíïúêü áðïôÝëåóìá .
The planned development of Greece s public deficit is broadly in line with previous programmes except for 1999 , when a less favourable outcome is expected .
Óå óýãêñéóç ìå ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá ðïõ ðñïâëÝðåé ôï Ðñüãñáììá Óýãêëéóçò ãéá ôï 1999 , áðáéôåßôáé ðåñáéôÝñù óçìáíôéêÞ åîõãßáíóç , ðñïêåéìÝíïõ íá õðÜñîåé óõììüñöùóç ìå ôï ìåóïðñüèåóìï óôü ÷ ï ôïõ Óõìöþíïõ Óôáèåñüôçôáò êáé ÁíÜðôõîçò , ôï ïðïßï èá éó ÷ ýåé áðü ôï 1999 . ÂÜóåé ôïõ óôü ÷ ïõ áõôïý , ï ðñïûðïëïãéóìüò ðñÝðåé íá åßíáé ó ÷ åäüí éóïóêåëéóìÝíïò Þ ðëåïíáóìáôéêüò .
Compared with fiscal balances projected in the Convergence Programme for 1999 , further substantial consolidation is required in order to comply with the medium-term objective of the Stability and Growth Pact , effective from 1999 onwards , of having a budgetary position that is close to balance or in surplus .
Åíôïýôïéò , ôá äçìïóéïíïìéêÜ åëëåßììáôá , üðùò ðñïâëÝðåôáé óôï Ðñüãñáììá Óýãêëéóçò ãéá ôï 1998 êáé ôï 1999 , åßíáé ÷ áìçëüôåñá áðü ôçí ôéìÞ áíáöïñÜò óôç ÓõíèÞêç .
However , fiscal deficits as projected in the Convergence Programme for 1998 and 1999 are below the reference value of the Treaty .
Ùò ðñïò ôï ÷ ñüíï ðïõ èá áðáéôçèåß ãéá ôç ìåßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò óôçí ôéìÞ áíáöïñÜò 60 % ðñïêåéìÝíïõ ãéá ÷ þñåò ìå ëüãï ÷ ñÝïõò Üíù ôïõ 100 % ôïõ ÁÅÐ , ðáñïõóéÜæïíôáé äýï äéáöïñåôéêÜ åßäç õðïëïãéóìþí .
With regard to the future horizon for reducing the debt ratio to the 60 % reference value in countries with a debt ratio of above 100 % of GDP , two different kinds of calculations are presented . On the
Ìå âÜóç ôçí õðüèåóç üôé ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá êáé ïé ëüãïé ôïõ ÷ ñÝïõò , üðùò ðñïâëÝðïíôáé áðü ôçí ÅõñùðáúêÞ ÅðéôñïðÞ ãéá ôï 1998 , èá åðéôåõ ÷ èïýí , ôï ðñþôï åßäïò ( âë . Ðßíáêá 7 ) åìöáíßæåé ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá ðïõ èá áðáéôçèïýí þóôå ï ëüãïò ôïõ ÷ ñÝïõò íá óõãêëßíåé ðñïò ôï 60 % ôïõ ÁÅÐ óå äéáöïñåôéêïýò ÷ ñïíéêïýò ïñßæïíôåò .
assumption that fiscal balances and debt ratios as projected by the European Commission for 1998 are achieved , the first exercise , as detailed in Table 7 , shows the fiscal balances which would be consistent with convergence of the debt ratio to 60 % of GDP over different time horizons .
ãéá íá ðåñéïñéóôåß ï ëüãïò ôïõ ÷ ñÝïõò óôï 60 % ìÝ ÷ ñé ôï 2007 , èá ðñÝðåé áðü ôï 1999 êáé ìåôÜ íá ðñáãìáôïðïéåßôáé êÜèå ÷ ñüíï óõíïëéêü ðëåüíáóìá 1,4% ôïõ ÁÅÐ ( âë . Ðßíáêá 7á ) Þ áðü ôï 1999 êáé ìåôÜ íá ðñáãìáôïðïéåßôáé êÜèå ÷ ñüíï ðñùôïãåíÝò ðëåüíáóìá 6,4% ôïõ ÁÅÐ ( âë .
As an illustration , focusing on the period of ten years , i.e. reducing the debt ratio to 60 % by 2007 , would imply realising from 1999 onwards an overall surplus of 1.4% of GDP per year ( see Table 7a ) or realising from 1999 onwards a primary surplus of 6.4% of GDP per year ( see Table 7b ) .
Óå óýãêñéóç ìå ëüãï óõíïëéêïý åëëåßììáôïò 2,2% êáé ëüãï ðñùôïãåíïýò ðëåïíÜóìáôïò 6,8% ðïõ ðñïâëÝðïíôáé ãéá ôï 1998 , ç äéáöïñÜ åßíáé 3,6 êáé - 0,4 åêáôïóôéáßåò ìïíÜäåò áíôßóôïé ÷ á .
This compares with an overall deficit ratio of 2.2% and a primary surplus ratio of 6.8% projected for 1998 , i.e. the difference is 3.6 and - 0.4 percentage points respectively .
Ôï äåýôåñï åßäïò , üðùò ðåñéãñÜöåôáé ëåðôïìåñþò óôï ÄéÜãñáììá 5 , äåß ÷ íåé üôé åÜí ôá åðüìåíá Ýôç äéáôçñçèåß ôï óõíïëéêü äçìïóéïíïìéêü áðïôÝëåóìá ôïõ 1998 (- 2,2% ôïõ ÁÅÐ ) , ï ëüãïò ôïõ ÷ ñÝïõò èá ìåéùèåß ìüíï óå 87,5% óå äÝêá Ýôç êáé ç ôéìÞ áíáöïñÜò 60 % èá åðéôåõ ÷ èåß ôï 2034 .
A second exercise , as detailed in Chart 5 , shows that maintaining the 1998 overall fiscal balance of - 2.2% of GDP over the subsequent years would only reduce the debt ratio to 87.5% in ten years ; the 60 % reference value would be reached in 2034 .
ÅÜí äéáôçñçèåß ôï ðñùôïãåíÝò ðëåüíáóìá ôïõ 1998 ( 6,8% ôïõ ÁÅÐ ) , ï ëüãïò ÷ ñÝïõò / ÁÅÐ èá ìåéùèåß êÜôù áðü 60 % óå äÝêá Ýôç .
Maintaining the 1998 primary surplus of 6.8% of GDP would reduce the debt-toGDP ratio to below 60 % in ten years .
ÔÝëïò , åÜí êÜèå ÷ ñüíï áðü ôï 1999 êáé ìåôÜ éóïóêåëßæåôáé ï ðñïûðïëïãéóìüò , ï ëüãïò ôïõ ÷ ñÝïõò èá ìåéùèåß óôï 70,6% óå äÝêá Ýôç êáé èá öèÜóåé óôï åðßðåäï áíáöïñÜò 60 % ôï 2011 .
Finally , realising balanced budgets annually from 1999 onwards would bring the debt ratio down to 70.6% in ten years , and the 60 % reference level would be reached in 2011 .
Ïé õðïëïãéóìïß áõôïß âáóßæïíôáé óôçí êáíïíéóôéêÞ õðüèåóç üôé ôï ïíïìáóôéêü åðéôüêéï èá åßíáé áìåôÜâëçôï óôï 6 % ( 4 % ìÝóï ðñáãìáôéêü êüóôïò åîõðçñÝôçóçò ôïõ äçìüóéïõ ÷ ñÝïõò óõí 2 % ðëçèùñéóìüò ) êáé óôçí õðüèåóç üôé ï ñõèìüò áýîçóçò ôïõ ðñáãìáôéêïý ÁÅÐ èá åßíáé óôáèåñüò óôï 2,7% , üðùò åêôéìÜôáé áðü ôçí ÅðéôñïðÞ ó ÷ åôéêÜ ìå ôçí áýîçóç ôçò ôÜóçò ôïõ ðñáãìáôéêïý ÁÅÐ ôï 1998 .
Such calculations are based on the normative assumption of a constant nominal rate of interest of 6 % ( average real cost of public debt outstanding of 4 % and 2 % inflation ) , and the assumption of a constant real GDP growth rate of 2.7% , as estimated by the Commission for real trend GDP growth in 1998 .
Ìïëïíüôé ïé õðïëïãéóìïß áõôïß åßíáé êáèáñÜ åíäåéêôéêïß êáé óå êáìßá ðåñßðôùóç äåí ìðïñïýí íá èåùñçèïýí ðñïâëÝøåéò , ùóôüóï äåß ÷ íïõí óáöþò ãéáôß ïé ðñïóðÜèåéåò åîõãßáíóçò ðñÝðåé íá åßíáé ðéï áðïöáóéóôéêÝò êáé äéáñêåßò üóï ìåãáëýôåñï åßíáé ôï áñ ÷ éêü ýøïò ôïõ ÷ ñÝïõò , Ýôóé þóôå ï ëüãïò ÷ ñÝïõò / ÁÅÐ íá ìåéùèåß äñáóôéêÜ óôï 60 % ôïõ ÁÅÐ Þ ÷ áìçëüôåñá ìÝóá óå åýëïãï ÷ ñïíéêü äéÜóôçìá .
While these calculations are purely illustrative , and can by no means be seen as forecasts , they do provide an illustration of why consolidation efforts need to be all the more resolute and lasting the higher the initial stock of debt , in order to forcefully reduce the 91 debt-to-GDP ratio to 60 % or below within an appropriate period of time .
ÅðéðëÝïí , üðùò ôïíßæåôáé óôïí Ðßíáêá 8 , èá õðÜñîïõí ìåëëïíôéêÝò ðñïêëÞóåéò óôá äçìüóéá ïéêïíïìéêÜ , ïé ïðïßåò ðñÝðåé íá áíôéìåôùðéóôïýí .
In addition , as is highlighted in Table 8 , there are future budgetary challenges to meet .
Áðü ôï 2010 ðåñßðïõ êáé ìåôÜ , áíáìÝíåôáé óçìáíôéêÞ ãÞñáíóç ôïõ ðëçèõóìïý êáé áýîçóç ôùí äáðáíþí ôïõ Äçìïóßïõ ãéá óõíôÜîåéò óå ó ÷ Ýóç ìå ôï ÁÅÐ , éäéáßôåñá åÜí ðáñáìåßíåé áìåôÜâëçôç ç ðïëéôéêÞ ôùí êïéíùíéêïáóöáëéóôéêþí ðáñï ÷ þí .
From around 2010 onwards a marked ageing of the population is expected and public pension expenditure is projected to increase in relation to GDP , particularly if policies regarding benefits continue unchanged .
Ç ÅëëÜäá , ùóôüóï , åðùöåëåßôáé áðü ôï åí ìÝñåé êåöáëáéïðïéçôéêü 101 óõíôáîéïäïôéêü ôçò óýóôçìá .
Greece benefits , however , from a partly funded pension system .
ìÜñêïõ êõìÜíèçêå ìåôáîý 2 êáé 4 % ( âë .
closely to the ECU with a view to reducing rates of inflation .
Ðßíáêá 9â ) êáé ïé äéáöïñÝò ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá âñá ÷ õðñüèåóìá åðéôüêéá ðáñÝìåéíáí ìåãÜëåò - áöïý ðåñéïñßóôçêáí ìÝ ÷ ñé ôá ìÝóá ôïõ 1997 êáé äéåõñýíèçêáí óçìáíôéêÜ áðü ôï ÍïÝìâñéï 1997 êáé ìåôÜ .
Focusing on the reference period , the currency has normally traded above its March 1996 average bilateral exchange rates against most other EU currencies , which are used as a benchmark for illustrative purposes in the absence of central rates ( see Chart 6 and Table 9a ) .
Áðü ðéï ìáêñïðñüèåóìç óêïðéÜ , ïé ðñáãìáôéêÝò óôáèìéóìÝíåò óõíáëëáãìáôéêÝò éóïôéìßåò ôçò äñá ÷ ìÞò Ýíáíôé Üëëùí íïìéóìÜôùí ôçò ÅÅ , üðùò åìöáíßæïíôáé óôïí Ðßíáêá 10 , åßíáé õøçëüôåñåò áðü ôéò ìÝóåò ôéìÝò ðïõ Ý ÷ ïõí êáôÜ êáéñïýò óçìåéùèåß .
The main exceptions were the development against the Irish pound , the pound sterling and , to a lesser extent , the Italian lira .
¼ óïí áöïñÜ ôéò Üëëåò åîùôåñéêÝò åîåëßîåéò , óôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 ç ÅëëÜäá åìöÜíéóå åëëåßììáôá óôï éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí êáé áñíçôéêÞ êáèáñÞ åîùôåñéêÞ èÝóç ( âë .
In a longer-term context , the real effective exchange rates of the Greek drachma against other EU currencies depicted in Table 10 are above historical average values .
Ðßíáêá 11 ) .
This reflects an ongoing and not yet completed process of reducing inflation , based on a policy of not accommodating inflation differentials by nominal depreciation .
Õðåíèõìßæåôáé åðßóçò üôé , óýìöùíá ìå ôá ðéï ðñüóöáôá äéáèÝóéìá óôïé ÷ åßá , ç ÅëëÜäá Ý ÷ åé ëüãï åîùôåñéêïý åìðïñßïõ / ÁÅÐ 19 % ãéá ôéò åîáãùãÝò êáé 31 % ãéá ôéò åéóáãùãÝò êáé ðïóïóôü åíäïêïéíïôéêïý åìðïñßïõ 56 % ãéá ôéò åîáãùãÝò êáé 70 % ãéá ôéò åéóáãùãÝò . Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÌÜñôéïò 1996-ÖåâñïõÜñéïò 1998 ) , ç äñá ÷ ìÞ äåí óõììåôåß ÷ å óôï ÌÓÉ8 ( âë .
With regard to other external developments , during the 1990s Greece has recorded current account deficits and a net external liability position ( see Table 11 ) . It may also be recalled that , according to the most recent data available , Greece has a ratio of foreign trade to GDP of 19 % for exports and 31 % for imports , and a share of intra-EU trade of 56 % for exports and 70 % for imports .
Åéäéêüôåñá óôçí ðåñßïäï áíáöïñÜò , ç éóïôéìßá ôçò äñá ÷ ìÞò êáôÜ êáíüíá êéíÞèçêå ðÜíù áðü ôéò ìÝóåò äéìåñåßò ôçò éóïôéìßåò ôïõ Ìáñôßïõ 1996 Ýíáíôé ôùí ðåñéóóüôåñùí Üëëùí íïìéóìÜôùí ôçò ÅÅ , ïé ïðïßåò ÷ ñçóéìïðïéïýíôáé åíäåéêôéêÜ ùò óçìåßï áíáöïñÜò , åëëåßøåé êåíôñéêþí éóïôéìéþí ( âë . ÄéÜãñáììá 6 êáé Ðßíáêá 9á ) .
Long-term interest rate developments Exchange rate developments During the reference period from March 1996 to February 1998 the Greek drachma has not participated in the ERM 8 ( see Table 9a ) .
Ïé êõñéüôåñåò åîáéñÝóåéò Þôáí ç åîÝëéîç Ýíáíôé ôçò éñëáíäéêÞò ëßñáò , ôçò áããëéêÞò ëßñáò êáé , óå ìéêñüôåñï âáèìü , ôçò éôáëéêÞò ëßñáò . ÐáñÜëëçëá ìå ôéò åîåëßîåéò áõôÝò , ï âáèìüò ìåôáâëçôüôçôáò ôçò óõíáëëáãìáôéêÞò éóïôéìßáò ôçò äñá ÷ ìÞò Ýíáíôé ôïõ ãåñìáíéêïý 102
Monetary policy has been guided by an exchange rate target linking the drachma 92 Over the reference period from February 1997 to January 1998 long-term interest rates in Greece were 9.8% on average , and 8
Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) , ôá ìáêñïðñüèåóìá åðéôüêéá óôçí ÅëëÜäá Þôáí 9,8% óå ìÝóï üñï , äçë .
The Greek drachma was incorporated in the exchange rate mechanism of the EMS , effective from 16 March 1998 .
Ç äñá ÷ ìÞ åíôÜ ÷ èçêå óôï ìç ÷ áíéóìü óõíáëëáãìáôéêþí éóïôéìéþí ôïõ ÅÍÓ áðü 16 Ìáñôßïõ 1998 . ïñßæåôáé âÜóåé ôùí ôñéþí Êñáôþí-Ìåëþí ìå ôéò êáëýôåñåò åðéäüóåéò áðü Üðïøç óôáèåñüôçôáò ôéìþí .
thus stood well above the reference value for the interest rate criterion of 7.8% set on the basis of the three best-performing Member States in terms of price stability .
Áõôü óõíÝâç êáé ôï 1997 ( óýíïëï Ýôïõò ) , åíþ ôï 1996 ôï åðéôüêéï âñéóêüôáí áñêåôÜ õøçëüôåñá áðü ôçí ôéìÞ áíáöïñÜò ( âë . Ðßíáêá 12 ) .
This was also the case for 1997 as a whole , while in 1996 the rate was considerably above the reference value ( see Table 12 ) .
Ôá ìáêñïðñüèåóìá åðéôüêéá áêïëïýèçóáí ãåíéêþò êáèïäéêÞ ðïñåßá óôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 , ìå åîáßñåóç ôï 1997 ( âë . ÄéÜãñáììá 7á ) .
Long-term interest rates have been on a broadly declining trend during the 1990s , with the exception of 1997 ( see Chart 7a ) .
ÐáñÜëëçëá , áðü ôá ìÝóá ôçò äåêáåôßáò ôïõ 1990 ðáñáôçñÞèçêå ôÜóç ôùí åëëçíéêþí ìáêñïðñüèåóìùí åðéôïêßùí íá óõãêëßíïõí ðåñéóóüôåñï ðñïò åêåßíá ôùí ÷ ùñþí ôçò ÅÅ ìå ôéò ÷ áìçëüôåñåò áðïäüóåéò ïìïëüãùí , ðáñüëï ðïõ ç äéáöïñÜ åîáêïëïõèåß íá ðáñáìÝíåé óçìáíôéêÜ èåôéêÞ ( âë . ÄéÜãñáììá 7â ) .
At the same time , a tendency towards a closer convergence of Greek long-term interest rates with those prevailing in the EU countries with the lowest bond yields has been observed since the mid-1990s , although the differential still remains significantly positive ( see Chart 7b ) .
ÅðéðëÝïí , ç ó ÷ åôéêÞ óôáèåñüôçôá ôçò óõíáëëáãìáôéêÞò éóïôéìßáò ôçò äñá ÷ ìÞò ôá ôåëåõôáßá Ýôç Ýíáíôé ôùí íïìéóìÜôùí ôùí ÷ ùñþí ðïõ ðñïáíáöÝñèçêáí êáé ç ðñüóöáôç âåëôßùóç ôçò äçìïóéïíïìéêÞò èÝóçò ôçò ÷ þñáò Ýðáéîáí ñüëï óôç ìåßùóç ôçò äéáöïñÜò óôï ìåãáëýôåñï ìÝñïò ôçò åîåôáæüìåíçò ðåñéüäïõ , åíþ ðéï ðñüóöáôá ç äéáöïñÜ áõôÞ áõîÞèçêå . 3,5% ôï 1999 .
In addition , the relative stability of the Greek drachma s exchange rate in recent years against the currencies of the abovementioned countries and the recent improvement in the country s fiscal position have played a role in the narrowing of the differential during most of the period considered , while more recently the differential has increased .
Ôá ìáêñïðñüèåóìá åðéôüêéá áêïëïõèïýí ãåíéêþò ðôùôéêÞ ðïñåßá êáôÜ ôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 , ìå åîáßñåóç ôï 1997 .
rates which are below the respective reference values stipulated by the Treaty .
9 ÊáôÜ ôçí ðåñßïäï áíáöïñÜò ç éóïôéìßá ôçò äñá ÷ ìÞò êéíÞèçêå ðÜíù áðü ôéò ìÝóåò äéìåñåßò óõíáëëáãìáôéêÝò éóïôéìßåò ôïõ Ìáñôßïõ 1996 Ýíáíôé ôùí ðåñéóóüôåñùí Üëëùí íïìéóìÜôùí ôçò ÅÅ , ïé ïðïßåò ÷ ñçóéìïðïéïýíôáé åíäåéêôéêÜ ùò óçìåßï áíáöïñÜò åëëåßøåé êåíôñéêþí éóïôéìéþí .
9 Over the reference period , the Greek drachma traded above its March 1996 average bilateral exchange rates against most other EU currencies , which are used as a benchmark for illustrative purposes in the absence of central rates .
Ôï 1998 õðÜñ ÷ åé ðñïïðôéêÞ ìåßùóçò ôïõ ëüãïõ ôïõ åëëåßììáôïò óå 2,2% , äçë . óå åðßðåäï êÜôù áðü ôçí ôéìÞ áíáöïñÜò .
the outlook for 1998 is for a decline in the deficit ratio to 2.2% , i.e. a level below the reference value .
ÐáñÜ ôéò ðñïóðÜèåéåò êáé ôç óçìáíôéêÞ ðñüïäï ðïõ Ý ÷ ïõí ãßíåé ó ÷ åôéêÜ ìå ôç âåëôßùóç ôçò ôñÝ ÷ ïõóáò äçìïóéïíïìéêÞò êáôÜóôáóçò , ðñÝðåé íá õðÜñ ÷ åé óõíå ÷ Þò öñïíôßäá ãéá ôï åÜí ï ëüãïò ôïõ äçìüóéïõ ÷ ñÝïõò ðñïò ôï ÁÅÐ èá  ìåéþíåôáé åðáñêþò êáé èá 9
Notwithstanding the efforts and the substantial progress made towards improving the current fiscal situation , there must be an ongoing concern as to whether the ratio of government debt to GDP will be sufficiently diminishing and approaching the reference value at a satisfactory pace and whether sustainability of the fiscal position has been achieved ;
Óýíïøç óõìðåñáóìÜôùí Äéáðéóôþíåôáé óáöÞò ðôùôéêÞ ôÜóç ôïõ ðëçèùñéóìïý óôçí ÅëëÜäá , ìå ôï ñõèìü áíüäïõ ôïõ ÄÔÊ íá ìåéþíåôáé áðü åðßðåäï Üíù ôïõ 20 % ôï 1990 óå 5,5% ôï 1997 . Ï ðëçèùñéóìüò ( ÅíÄÔÊ ) Þôáí 5,2% êáôÜ ôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò .
addressing this issue will have to remain a key priority for the Greek authorities . Substantial primary surpluses and persistent , sizable overall fiscal surpluses will be needed to be able to reduce the debt ratio to 60 % within an appropriate period of time .
ÐáñÜëëçëá , ï ñõèìüò áýîçóçò ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò óçìåßùóå ðôþóç óôï 7,5% ôï 1997 , åíþ ï ðåñéïñéóìüò ôùí ðëçèùñéóôéêþí ôÜóåùí ðñïêýðôåé êáé áðü Üëëá óõíáöÞ ìåãÝèç ìÝôñçóçò ôïõ ðëçèùñéóìïý . ¼ óïí áöïñÜ ôéò ðñïïðôéêÝò , óýìöùíá ìå ôéò ðñïâëÝøåéò ï ðëçèùñéóìüò èá õðï ÷ ùñÞóåé óå åðßðåäï 4,5% ôï 1998 êáé
This compares with a recorded fiscal deficit of 4.0% of GDP in 1997 , as well as the deficit forecast of 2.2% in 1998 . The Stability and Growth Pact also requires , as a medium-term objective , a budgetary position that is close to balance or in surplus .
¼ ðùò ðñïáíáöÝñèçêå , ç äñá ÷ ìÞ åíôÜ ÷ èçêå óôï ìç ÷ áíéóìü óõíáëëáãìáôéêþí éóïôéìéþí ôïõ ÅÍÓ áðü ôéò 16 Ìáñôßïõ 1998 . 103
Concluding summary A clear trend towards lower inflation has been discernible in Greece , with the CPI rate falling from above 20 % in 1990 to 5‰ % in 1997 .
Èá ÷ ñåéáóôïýí óçìáíôéêÜ ðñùôïãåíÞ ðëåïíÜóìáôá êáé äéáñêÞ óõíïëéêÜ äçìïóéïíïìéêÜ ðëåïíÜóìáôá éêáíïý ìåãÝèïõò , ðñïêåéìÝíïõ íá êáôáóôåß äõíáôÞ ç ìåßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò óå 60 % ìÝóá óå åýëïãç ÷ ñïíéêÞ ðåñßïäï .
Looking ahead , forecasts suggest a fall in inflation to 4‰ % in 1998 and to 3‰ % in 1999 . Long-term interest rates have been on a broadly declining trend during the 1990s , with the exception of 1997 ;
Áõôü óõãêñßíåôáé ìå ðñáãìáôïðïéçèÝí äçìïóéïíïìéêü Ýëëåéììá 4,0% ôïõ ÁÅÐ ôï 1997 êáé ìå ôï ðñïâëåðüìåíï Ýëëåéììá 2,2% ôï 1998 . Ôï Óýìöùíï Óôáèåñüôçôáò
they averaged 9.8% over the reference period . Overall , notwithstanding the progress made , Greece has not achieved a rate of HICP inflation or a level of long-term interest
ÊáôÜëïãïò ðéíÜêùí êáé äéáãñáììÜôùí * ÅËËÁÄÁ É Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 1 ÅëëÜäá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÄéÜãñáììá 1 ÅëëÜäá : Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 2 ÅëëÜäá : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò Ðßíáêáò 3 ÅëëÜäá : Ðñüóöáôåò ôÜóåéò ðëçèùñéóìïý êáé ðñïâëÝøåéò ( á ) Ðñüóöáôåò ôÜóåéò ôïõ ðëçèùñéóìïý ôéìþí êáôáíáëùôÞ ( â ) ÐñïâëÝøåéò ãéá ôïí ðëçèùñéóìü
List of Tables and Charts * GREECE I Price developments Table 1 Chart 1 Table 2 Table 3 Greece : HICP inflation Greece : Price developments Greece : Measures of inflation and related indicators Greece : Recent inflation trends and forecasts ( a ) Recent trends in consumer price inflation ( b ) Inflation forecasts II
ÄçìïóéïíïìéêÝò åîåëßîåéò Ðßíáêáò 4 ÅëëÜäá : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 2 ÅëëÜäá : ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò Ðßíáêáò 5 ÅëëÜäá : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 3 ÅëëÜäá : Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò ÄéÜãñáììá 4 ÅëëÜäá : ÄáðÜíåò êáé Ýóïäá åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 6 ÅëëÜäá : ¸ óïäá êáé äáðÜíåò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 7 ÅëëÜäá : Õðïëïãéóìïß óýãêëéóçò ôïõ ÷ ñÝïõò ( á ) ÂÜóåé ôùí óõíïëéêþí äçìïóéïíïìéêþí áðïôåëåóìÜôùí ( â ) ÂÜóåé ôùí ðñùôïãåíþí äçìïóéïíïìéêþí áðïôåëåóìÜôùí ÄéÜãñáììá 5 ÅëëÜäá : ÄõíçôéêÞ åîÝëéîç ôïõ ÷ ñÝïõò ìå åíáëëáêôéêÝò ðáñáäï ÷ Ýò ãéá ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá Ðßíáêáò 8 ÅëëÜäá : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò
Fiscal developments Table 4 Greece : General government financial position Chart 2 Greece : General government gross debt ( a ) Levels ( b ) Annual changes and underlying factors Table 5 Greece : General government gross debt - structural features Chart 3 Greece : General government surplus (+) / deficit (-) ( a ) Levels ( b ) Annual changes and underlying factors Chart 4 Greece : General government expenditure and receipts Table 6 Greece : General government budgetary position Table 7 Greece : Debt convergence calculations ( a ) On the basis of overall fiscal balances ( b ) On the basis of primary fiscal balances Chart 5 Greece : Potential future debt ratios under alternative assumptions for fiscal balance ratios Table 8 Greece : Projections of elderly dependency ratio
III Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ðßíáêáò 9 ( á ) ÅëëÜäá : Óôáèåñüôçôá óõíáëëáãìáôéêÞò éóïôéìßáò ( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôç äñá ÷ ìÞ ÄéÜãñáììá 6 Äñá ÷ ìÞ : Äéìåñåßò óõíáëëáãìáôéêÝò éóïôéìßåò Ðßíáêáò 10 Äñá ÷ ìÞ : Äåßêôåò ðñáãìáôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôùí Êñáôþí-Ìåëþí ôçò ÅÅ Ðßíáêáò 11 ÅëëÜäá : ÅîùôåñéêÝò åîåëßîåéò
III Exchange rate developments Table 9 ( a ) Greece : Exchange rate stability ( b ) Key indicators of exchange rate pressure for the Greek drachma Chart 6 Greek drachma : Bilateral exchange rates Table 10 Greek drachma : Measures of the real effective exchange rate vis - - vis EU Member States Table 11 Greece : External developments
ÉV Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Ðßíáêáò 12 ÅëëÜäá : Ìáêñïðñüèåóìá åðéôüêéá ÄéÜãñáììá 7 ( á ) ÅëëÜäá : Ìáêñïðñüèåóìá åðéôüêéá ( â ) ÅëëÜäá : ÄéáöïñÝò ìáêñïðñüèåóìùí åðéôïêßùí êáé ðëçèùñéóìïý ÄÔÊ Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá ìáêñïðñüèåóìá åðéôüêéá
IV Long-term interest rate developments Table 12 Greece : Long-term interest rates Chart 7 ( a ) Greece : Long-term interest rate ( b ) Greece : Long-term interest rate and CPI inflation differentials against EU countries with lowest long-term interest rates
ÅëëÜäá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ) 1996 Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
Greece : HICP inflation ( annual percentage changes ) 1996 HICP inflation Reference value Source : European Commission .
ÍïÝ . 97 5,0 -
Nov 97 5.0 -
Äåê . 97 4,5 -
Dec 97 4.5 -
Éáí . 98 4,3 -
Jan 98 Feb 97 - Jan 98 4.3 5.2 2.7
ÅëëÜäá : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò , åêôüò åÜí áíáöÝñåôáé äéáöïñåôéêÜ ) 1990 Äåßêôåò ðëçèùñéóìïý Äåßêôçò Ôéìþí ÊáôáíáëùôÞ ( ÄÔÊ ) 20,4 ÄÔÊ ÷ ùñßò ìåôáâïëÝò êáèáñþí Ýììåóùí öüñùí ( â ) 18,5 ÁðïðëçèùñéóôÞò éäéùôéêÞò êáôáíÜëùóçò 19,9 ÁðïðëçèùñéóôÞò ÁÅÐ 20,6 ÔéìÝò ðáñáãùãïý 13,9 Óõíáöåßò äåßêôåò Áýîçóç ðñáãìáôéêïý ÁÅÐ 0,0 Ðáñáãùãéêü êåíü ( åêáôïóôéáßåò ìïíÜäåò ) 0,8 Ðïóïóôü áíåñãßáò (%) 6,4 Êüóôïò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò , óýíïëï ïéêïíïìßáò 19,5 Áðïæçìßùóç áíÜ áðáó ÷ ïëïýìåíï , óýíïëï ïéêïíïìßáò 17,9 Ðáñáãùãéêüôçôá åñãáóßáò , óýíïëï ïéêïíïìßáò - 1,3 ÁðïðëçèùñéóôÞò ôéìþí åéóáãïìÝíùí 13,4 Áíáôßìçóç íïìßóìáôïò ( ã ) - 8,5 ÐñïóöïñÜ ÷ ñÞìáôïò ìå åõñåßá Ýííïéá ( Åíáñì .
Greece : Measures of inflation and related indicators ( annual percentage changes unless otherwise stated ) 1990 Measures of inflation Consumer price index ( CPI ) CPI excluding changes in net indirect taxes ( b ) Private consumption deflator GDP deflator Producer prices Related indicators Real GDP growth Output gap ( p.pt s ) Unemployment rate (%) Unit labour costs , whole economy Compensation per employee , whole economy Labour productivity , whole economy Import price deflator Exchange rate appreciation ( c ) Broad monetary aggregate ( M3H )( d ) Stock prices House prices 20.4 18.5 19.9 20.6 13.9 0.0 0.8 6.4 19.5 17.9 - 1.3 13.4 - 8.5 19.2 188.8 -
Ì3 )( ä ) 19,2 ÔéìÝò ìåôï ÷ þí 188,8 ÔéìÝò êáôïéêéþí 1991 19,4 17,9 19,7 19,8 17,0 3,1 2,3 7,3 9,3 15,4 5,5 12,1 - 11,4 10,6 - 2,1 1992 15,9 14,9 15,6 14,8 12,1 0,7 1,3 7,6 12,6 11,8 - 0,7 12,1 - 8,0 17,3 - 21,2 1993 14,4 15,6 14,2 14,5 11,7 - 1,6 - 2,1 7,1 12,7 9,8 - 2,5 7,7 - 8,6 13,5 2,8 1994 10,9 10,8 11,0 11,3 7,4 1,7 - 2,2 7,2 11,7 11,9 0,1 5,7 - 6,9 11,9 14,7 1995 8,9 8,9 8,6 9,1 9,8 1,8 - 2,5 7,1 11,3 12,6 1,2 6,7 - 2,8 6,4 - 3,7 1996 1997 ( á ) 8,2 8,4 8,5 8,5 8,1 2,6 - 2,3 7,5 9,9 11,5 1,4 3,9 - 1,3 9,8 5,4 5,5 4,9 5,5 6,8 6,9 3,5 - 1,3 7,9 7,5 10,7 3,0 2,7 - 1,9 14,5 58,0 -
1995 8.9 8.9 8.6 9.1 9.8 1.8 - 2.5 7.1 11.3 12.6 1.2 6.7 - 2.8 6.4 - 3.7 - 1996 1997 ( a ) 8.2 8.4 8.5 8.5 8.1 2.6 - 2.3 7.5 9.9 11.5 1.4 3.9 - 1.3 9.8 5.4 5.5 4.9 5.5 6.8 6.9 3.5 - 1.3 7.9 7.5 10.7 3.0 2.7 - 1.9 14.5 58.0 -
( â ) ÐñïâëÝøåéò ãéá ôïí ðëçèùñéóìü 1998 ÅõñùðáúêÞ ÅðéôñïðÞ ( Üíïéîç 1998 ) , ÅíÄÔÊ ÏÏÓÁ ( ÄåêÝìâñéïò 1997 ) , áðïðëçèùñéóôÞò éäéùôéêÞò êáôáíÜëùóçò ÄÍÔ ( Ïêôþâñéïò 1997 ) , ÄÔÊ ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) , ÏÏÓÁ êáé ÄÍÔ .
( b ) Inflation forecasts European Commission ( spring 1998 ) , HICP OECD ( December 1997 ) , private consumption deflator IMF ( October 1997 ) , CPI Source : European Commission ( spring 1998 forecasts ) , OECD and IMF . 1998 4.5 4.5 4.7
ÄçìïóéïíïìéêÝò åîåëßîåéò Ðßíáêáò 4
Table 4 Greece : General government financial position ( as a percentage of GDP )
ÅëëÜäá : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( ùò ðïóïóôü ôïõ ÁÅÐ ) 1996 Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÔéìÞ áíáöïñÜò Ðëåüíáóìá (+) / Ýëëåéììá (-) , ÷ ùñßò ôéò äáðÜíåò äçìüóéùí åðåíäýóåùí ( â ) ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÔéìÞ áíáöïñÜò - 7,5 - 3 - 4,5 111,6 60 1997 - 4,0 - 3 - 0,7 108,7 60 1998 ( a ) - 2,2 - 3 .
General government surplus (+) / deficit (-) Reference value Surplus (+) / deficit (-) , net of public investment expenditure ( b ) General government gross debt Reference value 1996 - 7.5 - 3 - 4.5 111.6 60