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Some analysts are sceptical that Greece will be able to sustain such high surpluses in the post-bailout period given the projected impact on spending of pension cuts and the income tax changes.

“The fiscal plan is based on optimistic assertions,” said Miranda Xafa, a senior scholar at the Centre for International Governance Innovation.

“Private consumption accounts for two-thirds of output and contributes most of the VAT revenue. It is projected to accelerate in 2019-2020 when pension cuts and a reduction in the tax-free income tax threshold will kick in.”

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