4 ms·
No, they probably /don't/ have a primary surplus. They briefly did, but that was before Syriza. Most of the recent infusions of cash were part of the ELA -- s
by peterfirefly 11y ago
No, they probably /don't/ have a primary surplus. They briefly did, but that was before Syriza.
Most of the recent infusions of cash were part of the ELA -- so /not/ to pay off debts but to compensate for illiquid (or insolvent...) banks and the stave off bank runs.
The debt payments are /not/ in any way big or difficult -- the EU took over most of the debt and in the process forced through a large haircut on the debt + Greece got artificially low (very low!) interest rates + enormous maturity extensions. Greece also got (much) deferred payments for that debt, especially for the interest.