For so much potential to be lying idle is a tragedy. What remains to be done Nevertheless, this is the painful cost of reversing the misguided economic policies and lack of reforms in the past. And fiscal sustainability – and hence intergenerational justice – is not yet assured.
While the government appears to be on track to meet its 2013 primary balance target, Greece still has some way to go to reach the primary surplus targets of 1.5% of GDP in 2014, 3% of GDP in 2015 and 4.5% of GDP in 2016. This means that fiscal consolidation has to continue. Based on current projections, a fiscal gap has emerged for 2014.