City of Athens Shows Surplus for 8th Year Running

August 26, 2019

The City of Athens shows a surplus for the eighth consecutive year, Athens mayor Giorgos Broulias said on Monday at a city council meeting that approved the results for fiscal 2018.

Athens municipality had a surplus of 22.3 million euros, Broulias said, while deputy mayor responsible for finances Eva Kondostathatou said that Athens’ obligations fell from 289 million euros in 2010 to 110 million euros. Specifically, bank loans fell from 219.18 million to 97.69 million, while the city’s short-term needs totalled 180 million euros and its corresponding obligations 30 million euros.

Amid the economic crisis, the mayor said, the Athens municipality upgraded its infrastructure, supported 30,000 citizens who were being marginalized, dealt with the migration crisis, secured 145 million euros in funding for 45 projects, and reduced city fees by 6.5 percent for Athenian families.

The city’s credit rating has been described as “excellent” by Moody’s credit agency for its economic robustness and stability, the surpluses and the rate of borrowing, Broulias said. Only 15 cities out of nearly 250 globally have merited this credit rating by the agency, he said.


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