Greece reaches deal on budget targets

  • 11/08/2015
Greece reaches deal on budget targets

Greece and its creditors have reached a deal on the debt-hit country's budget targets for the next three years, a government source told state agency ANA.

Athens has committed to a primary deficit of 0.25 percent of output in 2015, and a surplus in 2016, meaning that no new fiscal measures will be necessary until then, the source said.

In 2016 the primary surplus - the balance not including debt service - will be 0.5 percent, followed by 1.75 percent in 2017 and 3.5 percent in 2018, the source said.

The agreement keeps Greece on course for a third bailout that would enable it to repay €3.4 billion to the European Central Bank on August 20.