Greek FinMin: €1.1 Bln Revenue Surplus to be Distributed as Social Dividends

At least 1.1 billion euros of revenue surplus will be distributed in the form of social dividends by the end of the year, Greece’s Finance Minister Euclid Tsakalotos said on Tuesday.

The Greek minister spoke to national broadcaster ERT saying that the state revenues that exceeded the targets set – estimated to be 1.1 billion euros – will be distributed to citizens who live in extreme poverty, but also to some middle class recipients, and possibly to the unemployed and young citizens. He also said that part of the funds “will be given to organizations we owe money to”.

Tsakalotos said that the administration has not decided yet who the specific recipients will be, but creditors have given the green light for the distribution of the funds.

“We have agreed with the institutions on the size of the dividend and the distribution,” the minister said.

Tsakalotos also announced at least four state bond sales before the end of the bailout program, as well as “mini” bond sales before the completion of the third review of the bailout program, “aiming at making Greek bonds more attractive and earn some liquidity,” he said, adding that, “the point is to have access to the markets when we finish with the program.”

On the subject of the bailout program evaluation, the finance minister said there is willingness to complete it before the new German government is formed, so that Greece can participate in the debates that would follow on the debt, the exit from the bailout program, and whether or not the International Monetary Fund will participate.