Greece posts larger than expected primary surplus

Greek finances were in far better health over the first four month of 2016 than markets had expected.

The Mediterranean country ran a €2.4bn so-called primary surplus, excluding interest payments on its debt that is.

Economists had only been expecting a print of €566m.

Athens’s surplus was also higher than that recorded over the same time-frame of 2016.

At €14.1bn tax revenues piled up more quickly than analysts’ forecasts by €325m.

In parallel, government spending came in €2.28bn beneath target.

The outcome of the country’s efforts to reign in its soaring levels of public debt will came at a propitious moment for Greece given the on-going negotiations with its creditors in the European Union and the International Monetary Fund.