The state-sector borrowing requirement account for the month of July 2011 showed a surplus, on a provisional basis, of approximately 4,000 million, an improvement on the positive balance of 2,514 million euros recorded for July 2010. On a like-for-like basis, net of the loan to Greece, the surplus for the month amounted to 5,000 million.
The overall borrowing requirement in the first seven months of 2011 approximated 39,600 million, down by some 5,000 million when compared to the figure referable to July 2010 of about 44,655 million euros. On a like-for-like basis, net of the loan for supporting Greece financially, which in the first seven months of 2011 approximated 5,000 million, compared to about 3,000 million referable to the same period last year, the improvement of the 2011 borrowing requirement amounted to around 7,000 million, which is to be put down to positive revenue trend and effective measures for curbing expenditure.
Comment
The balance of the month of July, which, as noted above includes the approximately 1,000 million euros loaned to Greece, confirms the positive trend of revenue which is in line with the trend recorded in previous months and the curbed expenditure dynamics, especially that for local authorities.
The improvement of the borrowing requirement recorded in the first seven months of 2011, compared to the figure referring to the same period of 2010, exceeds that estimated for the entire year in the 2011 Economic and Financial Document.