The imbalance between recurrent revenue and total cost of government, between January and November 2014, reached the figure of €189 million, in contrast to the deficit of €342 million the Nationalist Government had between January to November 2012, the Government has said. "Thus, the new administration managed to reduce the deficit by more than €150 million".

"This result was confirmed by the National Statistics Office (NSO), and cancels out the Opposition's arguments that a bailout from the EU would be needed".

The NSO statistics also show that during the three month general election campaign, the previous Government increased national debt by the same amount as the 20 months under this administration, the Government said.

"Under this administration, thanks to strong economic growth, income tax grew €719 million under the previous administration, to €861 million this year, while the rate of income tax has twice been reduced".

VAT income this year reached €593 million, against the €503 million under the previous administration.