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Gross financial need rises in 2012: Denmark

COPENHAGEN : Denmark projected on Tuesday that its central government gross financing requirement would rise in 2012 f

Published August 23, 2011 Updated August 23, 2011 07:33pm

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By Muhammad Iqbal

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The gross financing requirement corresponds to the net financing need plus repayment of short and long-term debt.

The finance ministry forecast that the gross financing requirement would rise to 213 billion Danish crowns ($41.1 billion) in 2012 from a revised estimate for 2011 of 159 billion crowns.

The previous estimate for the 2011 gross financing need was 149 billion crowns given in May.

The domestic financing requirement which reflects the amount to be raised in the Danish crown-denominated debt market was seen rising to 177 billion in 2012 from a revised 122 billion this year.

The figures came in advance of the government's 2012 budget proposal and new economic outlook due on Wednesday.

The finance ministry said that the government's new growth package presented on Tuesday was not included in the new estimates, but the package was expected to raise the financing need by up to 1 billion crowns in 2011 and 3 billion in 2012.

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