Autumn Memorandum 2010: EMU deficit unchanged
maandag, 13 december 2010
According to the Autumn Memorandum of Minister of Finance De Jager, which was presented to the Lower House today, the EMU balance in 2010 is expected to be a debt of 5.8 per cent of GDP (gross domestic product).
This expectation is not different from the expectation on Budget Day (Prinsjesdag). The EMU debt in 2010 is 64 per cent of GDP.
The Autumn Memorandum gives an up-to-date view of the income and expenditure development in the 2010 fiscal year. The overall expenditure ceiling is not exceeded in 2010, so expenditure remains within the 2010 budgetary leeway. The estimate of overall tax and social contribution revenue for 2010 remains unchanged.
State guarantee obligations have decreased by approximately 31 billion euros. At the request of the ABN Amro one state guarantee concerning a part of their mortgage portfolio has been terminated.
Ireland has submitted an application for support from the European emergency fund and the IMF. As yet, the Netherlands will not provide loans to Ireland, but it will provide guarantees to the value of 2.7 billion euros in total. This amount has already been included in the first supplementary budget for 2010 and has been discussed in the Lower House.
