Government officials insist that no measure is locked in and much will depend on the events that take place in the coming week.
A few days left for the unveiling of the “TIF package”, which will be announced next Saturday by the Prime Minister Kyriakos Mitsotakis. Government officials insist that no measure is locked in and much will depend on the events that take place over the next week, which are few and far between.
The prime minister and the economic staff want, before drafting the announcements, to have as clear a picture as possible, both of the potential of the Greek economy but much more of the developments at the international level, regarding energy costs and inflation.
According to government sources, Kyriakos Mitsotakis wants to have the best possible impression of the big picture and for this reason the “TIF package” can be finalized even a few hours before. As Finance Minister Christos Staikouras has stated repeatedly, there are a series of proposals on the table, fully costed, from which the Prime Minister will make the choices based on the priorities he sets, as well as the potential of the Greek economy.
Let’s see in detail the six nodal points which will determine the “TIF package”.
1. The next one Wednesday September 7, there will be announcements from ELSTAT for the height of the development in the 2nd quarter of 2022. All estimates agree that this will be particularly high, proportionally, and thus maintain the forecast that GDP growth in Greece in 2022 will be one of the highest in the Eurozone, based mainly on tourism.
2. Two days later, on Friday September 9, there will be announcements, also from ELSTAT, on the level of inflation, which, barring a shocking prospect, will decelerate for the second consecutive month. Eurostat has already prepared us for this, which announced for August inflation lower than in July. It should be noted that Greece is one of the few countries in the Eurozone that seem to be putting the brakes on the “monster” of inflation.
3. To the Ministry of Finance in the week they will have a clear picture of their progress of public revenue in the month of August. The first information suggests that the tendency to exceed the target has been maintained in the month in question, expanding the fiscal space that has already been created.
4. A key element for decision-making is the performance in tourism. Everything shows that the 2019 record with revenues of 18.2 billion can be broken and the bar can be set higher. In the government staff there will be a better picture within the next week with the integration of the August data which is undoubtedly very positive, at least according to the existing estimates.
5. The next one Thursday, September 8 will convene the Governing Council of the ECBin order to make decisive decisions on how to tame it inflation. All indications are converging on a rate hike of 0.50-0.75%, depending on how loud the message the Central Bank wants to send.
6. Finally, within the week it is expected that the road map of the interventions against the energy precisionwith the Commission to appear more determined than ever to put a stop to this insanity of uncontrollable prices.
All of the above will shape an environment in which the prime minister will move, always as he has stated, based on the admission that “resources are not inexhaustible.”
RES-EMP
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