ELSTAT: How Much Does Greece Really Owe?

ELSTATGreece’s GDP shrank by 40 billion euros between 2010 and 2013 to 182 billion euros, and public debt amounted to 175% of that figure, or 318.7 billion euros, according to a Hellenic Statistical Authority (ELSTAT) report forwarded to Eurostat as notification of the excessive deficit procedure (EDP) for 2014.

Elstat recorded increased surpluses last year in local authorities worth 770 million euros (up from 693 million euros), as well as in pension funds, worth 4.7 billion euros (2.25 billion euros deficit in 2012).

The government deficit stood at 2.1 % of the country’s GDP at the end of 2013, excluding the impact of bank support, or 12.7% including it.

Meanwhile, the Elstat noted that the 2010 deficit was under revision, mainly due to revisions in the amounts of taxes paid and ministries’ expenses. The 2011 deficit is also being revised, mainly due to the revision of pension funds’ payables and the 2012 deficit, mainly due to the change in the value of EFSF bonds.


  1. Will we ever really know for sure? Certainly their will be revisions of revisions of revisions . . .

    As you remember Greece’s troubles began when it became embarrassingly obvious that the last two governments had been lying to the public about such figures. About how bad the spread between national debt and GDP had become. How much they had been cooking the books to stay in the EU, just to keep eating its gravy.

    It was just too politically unfavorable to the people in power to tell their constituents trouble was seriously brewing down the road. And now, due to those false and misleading revisions. . . here we are.