The State sector borrowing requirements for the month of May 2011 are provisionally set at about €5,000 million, approximately €3,100 million lower compared to that of May 2010 which amounted to €8,127 million.
The overall borrowing requirement for the first five months of 2011 is approximately €44,800 million, down by about €5,300 million compared to the same period in 2010, which amounted to €50,123 million.
Comment
The improvement in the balance for the month of May, compared to the same month in 2010, can essentially be attributed to the decrease of the loan to Greece of about €2,900 million.
There has also been a linear trend in tax revenue, sufficient to finance further tax refunds.