The opposite of a primary deficit is a primary surplus.

"If we reduce interest rates and the primary surplus is maintained until 2005, the effort to reheat the economy will be in vain."

Excluding interest payments, Greece even expects a primary surplus in 2012 of 1.1%.

The primary surplus would be even larger than it is if the economy were not depressed, depressing tax receipts too.

Most promising, Russia's budget now runs a primary surplus - that is, it has money left after domestic spending to pay some of its foreign debt.

In fact, from 2003, the modification of the debt ratio will correspond better to the level of primary surplus.

The strategy naturally anticipates an increase in the primary surplus and, to put it another way, using growth potential essentially in order to reduce taxes.

That is the primary structural surplus that Greece needs, and debt restructuring would not solve this very fundamental fact.

Italy has long had a primary surplus.

Effective macroeconomic management, focused on the generation of primary fiscal surpluses, has helped to sustain this strong performance.