Progress so far Since the beginning of the sovereign debt crisis, Greece has implemented a bold programme of economic adjustment that has eliminated fiscal and external deficits and improved competitiveness. SLIDE 1   The general government balance from a deficit of 15.1% of GDP in 2009 turned into a surplus of 0.7% of GDP in 2016.
Between 2009 and 2016, the primary balance improved by about 14 percentage points. In 2016 the primary surplus was 4.2 percent of GDP outperforming not only the 0.5 percent target for 2016, but also the 3.5 percent target for 2018. Practically, 1  the required fiscal adjustment until the end of the programme in 2018 has nearly been made.