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Greece plainly needs to move to a primary budget surplus.
Its primary budget (ie, before interest payments) is in surplus.
Merkel added that Greece had made progress, pointing to the reductions in its primary budget deficit.
And Greece should not have to run a substantial primary budget surplus for now.
It is now running a primary budget surplus, spending less than it receives in taxes.
When a country falls below zero on the chart, it is running a primary budget surplus.
When the second rescue was approved, Greece looked close to balancing its primary budget.
In the Italian case, you have big debt but also a primary budget surplus.
In Greece ministers are pointing proudly to their progress towards a primary budget surplus.
The primary budget balance (which excludes interest) rose to a surplus of 7% of GDP.
Greece had hoped to initiate the talks in the spring when it had official confirmation of its primary budget surplus.
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