Uncertainty and uncertainty about oil and natural gas prices

Invited to the show “Now together”, the Minister of Finance, Christos Staikouras, explains what measures are being considered by the financial staff to deal with punctuality. At the same time, he expresses the belief that a horizontal solution is needed at the European level.

“Brave interventions are needed to the extent that the state budget can bear. there will be announcements next week. It’s something you can’t pass up when you have a 10-fold increase,” said the Minister of Finance, Christos Staikouras, about natural gas.

Specifically, the Minister of Finance spoke at OPEN about a new additional fiscal space that will bring the adoption of permanent and temporary support measures for households and businesses.

“Some of the ideas that will be adopted in Europe have already been implemented by the Greek government since the summer. In the last two months the subsidies are braver with a significant participation of the providers from the super profits” the minister also said.

For the electricity subsidy

Asked about a possible “scissors” in electricity subsidies from 2023, Mr. Staikouras replied: “In one week there will be the Prime Minister’s announcements. There is a new additional fiscal space, created in the summer. This means that there will be possibilities for both permanent and non-permanent interventions. This fiscal space is created by good budget execution and high growth, thus permanent fiscal space and by higher prices, thus higher tax revenues, thus permanent interventions. The Prime Minister’s choice to abolish the solidarity levy for the State and pensioners is a permanent intervention, the increase in pensions, there will be announcements next week, is also a permanent intervention.”

“There is a lot of uncertainty and ambiguity about oil and natural gas prices. We do not know what will happen in 2023, much less how these prices will move even within the next month. So it requires attention and prudence in our movements. The overall electricity subsidy will not change”, he added, while he stressed that there will definitely be a new heating subsidy” he added.

Regarding the accuracy check, he replied: “We are not handing out billions of euros. The country will not be led to a fiscal derailment. These are alternative policies cannot be satisfied in their entirety. We will do the best we can while respecting the present and the future of the economy.”

Mr. Staikouras admitted that the VAT in Greece is high, together with the VAT it gives increased tax revenue on fuel, so it has a significant fiscal footprint. “It is not easy to reduce him because we will have to take equivalent measures. These have been returned to society in full, with Fuel Pass1 and 2 and the return of excise duty to farmers. All this exceeds 500 million euros,” he said.

What he said about Fuel Pass 3

When asked about Fuel Pass 3, the Minister of Finance did not give a specific answer, however, he pointed out that “it is important to help households in their homes. The first concern is to see the total amount of support for households and businesses”.

Regarding the energy crisis, in the wake of developments with the closure of the Nord Stream 1 pipeline and the “explosion” of oil and natural gas prices, the Minister of Finance spoke of a “global phenomenon that also affects our country” .

The article is in Greek

Tags: Uncertainty uncertainty oil natural gas prices

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