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Auxiliary variable to control the closure of the output gap 0 =IF(AND(ABS((D12-C12)-('Input data'!D13-'Input data'!C13))>0.0001,ABS(D12-C12)>0.0001,D$10>$C$5),4,IF(C50=4,3,IF(C50=3,2,IF(C50=2,1,0)))) =IF(AND(ABS((E12-D12)-('Input data'!E13-'Input data'!D13))>0.0001,ABS(E12-D12)>0.0001,E$10>$C$5),4,IF(D50=4,3,IF(D50=3,2,IF(D50=2,1,0)))) =IF(AND(ABS((F12-E12)-('Input data'!F13-'Input data'!E13))>0.0001,ABS(F12-E12)>0.0001,F$10>$C$5),4,IF(E50=4,3,IF(E50=3,2,IF(E50=2,1,0)))) =IF(AND(ABS((G12-F12)-('Input data'!G13-'Input data'!F13))>0.0001,ABS(G12-F12)>0.0001,G$10>$C$5),4,IF(F50=4,3,IF(F50=3,2,IF(F50=2,1,0)))) =IF(AND(ABS((H12-G12)-('Input data'!H13-'Input data'!G13))>0.0001,ABS(H12-G12)>0.0001,H$10>$C$5),4,IF(G50=4,3,IF(G50=3,2,IF(G50=2,1,0)))) =IF(AND(ABS((I12-H12)-('Input data'!I13-'Input data'!H13))>0.0001,ABS(I12-H12)>0.0001,I$10>$C$5),4,IF(H50=4,3,IF(H50=3,2,IF(H50=2,1,0)))) =IF(AND(ABS((J12-I12)-('Input data'!J13-'Input data'!I13))>0.0001,ABS(J12-I12)>0.0001,J$10>$C$5),4,IF(I50=4,3,IF(I50=3,2,IF(I50=2,1,0)))) =IF(AND(ABS((K12-J12)-('Input data'!K13-'Input data'!J13))>0.0001,ABS(K12-J12)>0.0001,K$10>$C$5),4,IF(J50=4,3,IF(J50=3,2,IF(J50=2,1,0)))) =IF(AND(ABS((L12-K12)-('Input data'!L13-'Input data'!K13))>0.0001,ABS(L12-K12)>0.0001,L$10>$C$5),4,IF(K50=4,3,IF(K50=3,2,IF(K50=2,1,0)))) =IF(AND(ABS((M12-L12)-('Input data'!M13-'Input data'!L13))>0.0001,ABS(M12-L12)>0.0001,M$10>$C$5),4,IF(L50=4,3,IF(L50=3,2,IF(L50=2,1,0)))) =IF(AND(ABS((N12-M12)-('Input data'!N13-'Input data'!M13))>0.0001,ABS(N12-M12)>0.0001,N$10>$C$5),4,IF(M50=4,3,IF(M50=3,2,IF(M50=2,1,0)))) =IF(AND(ABS((O12-N12)-('Input data'!O13-'Input data'!N13))>0.0001,ABS(O12-N12)>0.0001,O$10>$C$5),4,IF(N50=4,3,IF(N50=3,2,IF(N50=2,1,0)))) =IF(AND(ABS((P12-O12)-('Input data'!P13-'Input data'!O13))>0.0001,ABS(P12-O12)>0.0001,P$10>$C$5),4,IF(O50=4,3,IF(O50=3,2,IF(O50=2,1,0)))) =IF(AND(ABS((Q12-P12)-('Input data'!Q13-'Input data'!P13))>0.0001,ABS(Q12-P12)>0.0001,Q$10>$C$5),4,IF(P50=4,3,IF(P50=3,2,IF(P50=2,1,0)))) =IF(AND(ABS((R12-Q12)-('Input data'!R13-'Input data'!Q13))>0.0001,ABS(R12-Q12)>0.0001,R$10>$C$5),4,IF(Q50=4,3,IF(Q50=3,2,IF(Q50=2,1,0)))) =IF(AND(ABS((S12-R12)-('Input data'!S13-'Input data'!R13))>0.0001,ABS(S12-R12)>0.0001,S$10>$C$5),4,IF(R50=4,3,IF(R50=3,2,IF(R50=2,1,0)))) =IF(AND(ABS((T12-S12)-('Input data'!T13-'Input data'!S13))>0.0001,ABS(T12-S12)>0.0001,T$10>$C$5),4,IF(S50=4,3,IF(S50=3,2,IF(S50=2,1,0)))) =IF(AND(ABS((U12-T12)-('Input data'!U13-'Input data'!T13))>0.0001,ABS(U12-T12)>0.0001,U$10>$C$5),4,IF(T50=4,3,IF(T50=3,2,IF(T50=2,1,0)))) =IF(AND(ABS((V12-U12)-('Input data'!V13-'Input data'!U13))>0.0001,ABS(V12-U12)>0.0001,V$10>$C$5),4,IF(U50=4,3,IF(U50=3,2,IF(U50=2,1,0)))) =IF(AND(ABS((W12-V12)-('Input data'!W13-'Input data'!V13))>0.0001,ABS(W12-V12)>0.0001,W$10>$C$5),4,IF(V50=4,3,IF(V50=3,2,IF(V50=2,1,0)))) OG intermediate auxiliary value 0 =IF(C50=4,2/3*C30,IF(C50=3,1/3*B30,0)) =IF(D50=4,2/3*D30,IF(D50=3,1/3*C30,0)) =IF(E50=4,2/3*E30,IF(E50=3,1/3*D30,0)) =IF(F50=4,2/3*F30,IF(F50=3,1/3*E30,0)) =IF(G50=4,2/3*G30,IF(G50=3,1/3*F30,0)) =IF(H50=4,2/3*H30,IF(H50=3,1/3*G30,0)) =IF(I50=4,2/3*I30,IF(I50=3,1/3*H30,0)) =IF(J50=4,2/3*J30,IF(J50=3,1/3*I30,0)) =IF(K50=4,2/3*K30,IF(K50=3,1/3*J30,0)) =IF(L50=4,2/3*L30,IF(L50=3,1/3*K30,0)) =IF(M50=4,2/3*M30,IF(M50=3,1/3*L30,0)) =IF(N50=4,2/3*N30,IF(N50=3,1/3*M30,0)) =IF(O50=4,2/3*O30,IF(O50=3,1/3*N30,0)) =IF(P50=4,2/3*P30,IF(P50=3,1/3*O30,0)) =IF(Q50=4,2/3*Q30,IF(Q50=3,1/3*P30,0)) =IF(R50=4,2/3*R30,IF(R50=3,1/3*Q30,0)) =IF(S50=4,2/3*S30,IF(S50=3,1/3*R30,0)) =IF(T50=4,2/3*T30,IF(T50=3,1/3*S30,0)) =IF(U50=4,2/3*U30,IF(U50=3,1/3*T30,0)) =IF(V50=4,2/3*V30,IF(V50=3,1/3*U30,0)) GDP intermediate growth rate - only feedback effect and no closure of the OG ='Input data'!D30-$C$47*((D12-C12)-('Input data'!D13-'Input data'!C13)) ='Input data'!E30-$C$47*((E12-D12)-('Input data'!E13-'Input data'!D13)) ='Input data'!F30-$C$47*((F12-E12)-('Input data'!F13-'Input data'!E13)) ='Input data'!G30-$C$47*((G12-F12)) ='Input data'!H30-$C$47*((H12-G12)) ='Input data'!I30-$C$47*((I12-H12)) ='Input data'!J30-$C$47*((J12-I12)) ='Input data'!K30-$C$47*((K12-J12)) ='Input data'!L30-$C$47*((L12-K12)) ='Input data'!M30-$C$47*((M12-L12)) ='Input data'!N30-$C$47*((N12-M12)) ='Input data'!O30-$C$47*((O12-N12)) ='Input data'!P30-$C$47*((P12-O12)) ='Input data'!Q30-$C$47*((Q12-P12)) ='Input data'!R30-$C$47*((R12-Q12)) ='Input data'!S30-$C$47*((S12-R12)) ='Input data'!T30-$C$47*((T12-S12)) ='Input data'!U30-$C$47*((U12-T12)) ='Input data'!V30-$C$47*((V12-U12)) ='Input data'!W30-$C$47*((W12-V12)) Debt projections 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Gross debt =+'Input data'!C12 =+C57+D58 =+D57+E58 =+E57+F58 =+F57+G58 =+G57+H58 =+H57+I58 =+I57+J58 =+J57+K58 =+K57+L58 =+L57+M58 =+M57+N58 =+N57+O58 =+O57+P58 =+P57+Q58 =+Q57+R58 =+R57+S58 =+S57+T58 =+T57+U58 =+U57+V58 =+V57+W58 Change in debt (-1+2+3) =-D59+D67+D72 =-E59+E67+E72 =-F59+F67+F72 =-G59+G67+G72 =-H59+H67+H72 =-I59+I67+I72 =-J59+J67+J72 =-K59+K67+K72 =-L59+L67+L72 =-M59+M67+M72 =-N59+N67+N72 =-O59+O67+O72 =-P59+P67+P72 =-Q59+Q67+Q72 =-R59+R67+R72 =-S59+S67+S72 =-T59+T67+T72 =-U59+U67+U72 =-V59+V67+V72 =-W59+W67+W72 (1) Primary balance (1.1 + 1.2 - 1.3 -1.4 -1.5 - 1.6 -1.7) =D60+D61-D62-D63-D64-D65-D66 =E60+E61-E62-E63-E64-E65-E66 =F60+F61-F62-F63-F64-F65-F66 =G60+G61-G62-G63-G64-G65-G66 =H60+H61-H62-H63-H64-H65-H66 =I60+I61-I62-I63-I64-I65-I66 =J60+J61-J62-J63-J64-J65-J66 =K60+K61-K62-K63-K64-K65-K66 =L60+L61-L62-L63-L64-L65-L66 =M60+M61-M62-M63-M64-M65-M66 =N60+N61-N62-N63-N64-N65-N66 =O60+O61-O62-O63-O64-O65-O66 =P60+P61-P62-P63-P64-P65-P66 =Q60+Q61-Q62-Q63-Q64-Q65-Q66 =R60+R61-R62-R63-R64-R65-R66 =S60+S61-S62-S63-S64-S65-S66 =T60+T61-T62-T63-T64-T65-T66 =U60+U61-U62-U63-U64-U65-U66 =V60+V61-V62-V63-V64-V65-V66 =W60+W61-W62-W63-W64-W65-W66 (1.1) Structural primary balance (before ageing cost) =D12 =E12 =F12 =IF(G12="",F60,G12) =IF(H12="",G60,H12) =IF(I12="",H60,I12) =IF(J12="",I60,J12) =IF(K12="",J60,K12) =IF(L12="",K60,L12) =IF(M12="",L60,M12) =IF(N12="",M60,N12) =IF(O12="",N60,O12) =IF(P12="",O60,P12) =IF(Q12="",P60,Q12) =IF(R12="",Q60,R12) =IF(S12="",R60,S12) =IF(T12="",S60,T12) =IF(U12="",T60,U12) =IF(V12="",U60,V12) =IF(W12="",V60,W12) (1.2) Cumulated budgetary effort (in terms of primary balance) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (1.3) Cyclical component =-$C$48*D30 =-$C$48*E30 =-$C$48*F30 =-$C$48*G30 =-$C$48*H30 =-$C$48*I30 =-$C$48*J30 =-$C$48*K30 =-$C$48*L30 =-$C$48*M30 =-$C$48*N30 =-$C$48*O30 =-$C$48*P30 =-$C$48*Q30 =-$C$48*R30 =-$C$48*S30 =-$C$48*T30 =-$C$48*U30 =-$C$48*V30 =-$C$48*W30 (1.4) One-off and other temporary measures =-D14 =-E14 =-F14 =-G14 =-H14 =-I14 =-J14 =-K14 =-L14 =-M14 =-N14 =-O14 =-P14 =-Q14 =-R14 =-S14 =-T14 =-U14 =-V14 =-W14 (1.5) Cost of ageing =IF(D$56<=$C$6,0,HLOOKUP(D$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(E$56<=$C$6,0,HLOOKUP(E$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(F$56<=$C$6,0,HLOOKUP(F$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(G$56<=$C$6,0,HLOOKUP(G$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(H$56<=$C$6,0,HLOOKUP(H$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(I$56<=$C$6,0,HLOOKUP(I$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(J$56<=$C$6,0,HLOOKUP(J$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(K$56<=$C$6,0,HLOOKUP(K$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(L$56<=$C$6,0,HLOOKUP(L$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(M$56<=$C$6,0,HLOOKUP(M$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(N$56<=$C$6,0,HLOOKUP(N$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(O$56<=$C$6,0,HLOOKUP(O$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(P$56<=$C$6,0,HLOOKUP(P$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(Q$56<=$C$6,0,HLOOKUP(Q$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(R$56<=$C$6,0,HLOOKUP(R$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(S$56<=$C$6,0,HLOOKUP(S$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(T$56<=$C$6,0,HLOOKUP(T$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(U$56<=$C$6,0,HLOOKUP(U$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(V$56<=$C$6,0,HLOOKUP(V$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) =IF(W$56<=$C$6,0,HLOOKUP(W$56,'Input data'!$C$9:$BB$26,12,FALSE)-HLOOKUP($C$6,'Input data'!$C$9:$BB$26,12,FALSE)) (1.6) Property incomes =IF(D$56<=$C$5,0,-HLOOKUP(D$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(E$56<=$C$5,0,-HLOOKUP(E$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(F$56<=$C$5,0,-HLOOKUP(F$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(G$56<=$C$6,0,-HLOOKUP(G$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(H$56<=$C$6,0,-HLOOKUP(H$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(I$56<=$C$6,0,-HLOOKUP(I$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(J$56<=$C$6,0,-HLOOKUP(J$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(K$56<=$C$6,0,-HLOOKUP(K$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(L$56<=$C$6,0,-HLOOKUP(L$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(M$56<=$C$6,0,-HLOOKUP(M$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(N$56<=$C$6,0,-HLOOKUP(N$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(O$56<=$C$6,0,-HLOOKUP(O$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(P$56<=$C$6,0,-HLOOKUP(P$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(Q$56<=$C$6,0,-HLOOKUP(Q$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(R$56<=$C$6,0,-HLOOKUP(R$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(S$56<=$C$6,0,-HLOOKUP(S$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(T$56<=$C$6,0,-HLOOKUP(T$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(U$56<=$C$6,0,-HLOOKUP(U$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(V$56<=$C$6,0,-HLOOKUP(V$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) =IF(W$56<=$C$6,0,-HLOOKUP(W$56,'Input data'!$C$9:$BB$26,18,FALSE)+HLOOKUP($C$6,'Input data'!$C$9:$BB$26,18,FALSE)) (1.7) Revenues 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (2) Snowball effect (2.1 + 2.2 + 2.3) =SUM(D68:D71) =SUM(E68:E71) =SUM(F68:F71) =SUM(G68:G71) =SUM(H68:H71) =SUM(I68:I71) =SUM(J68:J71) =SUM(K68:K71) =SUM(L68:L71) =SUM(M68:M71) =SUM(N68:N71) =SUM(O68:O71) =SUM(P68:P71) =SUM(Q68:Q71) =SUM(R68:R71) =SUM(S68:S71) =SUM(T68:T71) =SUM(U68:U71) =SUM(V68:V71) =SUM(W68:W71) (2.1) Interest expenditure =C57*D36/100*(1/(1+D33/100)) =D57*E36/100*(1/(1+E33/100)) =E57*F36/100*(1/(1+F33/100)) =F57*G36/100*(1/(1+G33/100)) =G57*H36/100*(1/(1+H33/100)) =H57*I36/100*(1/(1+I33/100)) =I57*J36/100*(1/(1+J33/100)) =J57*K36/100*(1/(1+K33/100)) =K57*L36/100*(1/(1+L33/100)) =L57*M36/100*(1/(1+M33/100)) =M57*N36/100*(1/(1+N33/100)) =N57*O36/100*(1/(1+O33/100)) =O57*P36/100*(1/(1+P33/100)) =P57*Q36/100*(1/(1+Q33/100)) =Q57*R36/100*(1/(1+R33/100)) =R57*S36/100*(1/(1+S33/100)) =S57*T36/100*(1/(1+T33/100)) =T57*U36/100*(1/(1+U33/100)) =U57*V36/100*(1/(1+V33/100)) =V57*W36/100*(1/(1+W33/100)) (2.2) Growth effect =-C57*(D24/100)*(1/(1+D33/100)) =-D57*(E24/100)*(1/(1+E33/100)) =-E57*(F24/100)*(1/(1+F33/100)) =-F57*(G24/100)*(1/(1+G33/100)) =-G57*(H24/100)*(1/(1+H33/100)) =-H57*(I24/100)*(1/(1+I33/100)) =-I57*(J24/100)*(1/(1+J33/100)) =-J57*(K24/100)*(1/(1+K33/100)) =-K57*(L24/100)*(1/(1+L33/100)) =-L57*(M24/100)*(1/(1+M33/100)) =-M57*(N24/100)*(1/(1+N33/100)) =-N57*(O24/100)*(1/(1+O33/100)) =-O57*(P24/100)*(1/(1+P33/100)) =-P57*(Q24/100)*(1/(1+Q33/100)) =-Q57*(R24/100)*(1/(1+R33/100)) =-R57*(S24/100)*(1/(1+S33/100)) =-S57*(T24/100)*(1/(1+T33/100)) =-T57*(U24/100)*(1/(1+U33/100)) =-U57*(V24/100)*(1/(1+V33/100)) =-V57*(W24/100)*(1/(1+W33/100)) (2.3) Inflation effect =-C57*D42/100*(1/(1+D42/100)) =-D57*E42/100*(1/(1+E42/100)) =-E57*F42/100*(1/(1+F42/100)) =-F57*G42/100*(1/(1+G42/100)) =-G57*H42/100*(1/(1+H42/100)) =-H57*I42/100*(1/(1+I42/100)) =-I57*J42/100*(1/(1+J42/100)) =-J57*K42/100*(1/(1+K42/100)) =-K57*L42/100*(1/(1+L42/100)) =-L57*M42/100*(1/(1+M42/100)) =-M57*N42/100*(1/(1+N42/100)) =-N57*O42/100*(1/(1+O42/100)) =-O57*P42/100*(1/(1+P42/100)) =-P57*Q42/100*(1/(1+Q42/100)) =-Q57*R42/100*(1/(1+R42/100)) =-R57*S42/100*(1/(1+S42/100)) =-S57*T42/100*(1/(1+T42/100)) =-T57*U42/100*(1/(1+U42/100)) =-U57*V42/100*(1/(1+V42/100)) =-V57*W42/100*(1/(1+W42/100)) (2.4) Exchange rate effect linked to the interest rate ='Baseline NFPC'!D70 ='Baseline NFPC'!E70 ='Baseline NFPC'!F70 ='Baseline NFPC'!G70 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (3 ) Stock flow adjustments (3.1 + 3.2) ='Input data'!D16 ='Input data'!E16 ='Input data'!F16 ='Input data'!G16 ='Input data'!H16 ='Input data'!I16 ='Input data'!J16 ='Input data'!K16 ='Input data'!L16 ='Input data'!M16 ='Input data'!N16 ='Input data'!O16 ='Input data'!P16 ='Input data'!Q16 ='Input data'!R16 ='Input data'!S16 ='Input data'!T16 ='Input data'!U16 ='Input data'!V16 ='Input data'!W16 (3.1) Base =D15 =E15 =F15 =G15 =H15 =I15 =J15 =K15 =L15 =M15 =N15 =O15 =P15 =Q15 =R15 =S15 =T15 =U15 =V15 =W15 (3.2) Adjustment due to the exchange rate effect linked to debt value =+D72-D73 =+E72-E73 =+F72-F73 =+G72-G73 =+H72-H73 =+I72-I73 =+J72-J73 =+K72-K73 =+L72-L73 =+M72-M73 =+N72-N73 =+O72-O73 =+P72-P73 =+Q72-Q73 =+R72-R73 =+S72-S73 =+T72-T73 =+U72-U73 =+V72-V73 =+W72-W73 Other budgetary variables Headline balance =D59-D68 =E59-E68 =F59-F68 =G59-G68 =H59-H68 =I59-I68 =J59-J68 =K59-K68 =L59-L68 =M59-M68 =N59-N68 =O59-O68 =P59-P68 =Q59-Q68 =R59-R68 =S59-S68 =T59-T68 =U59-U68 =V59-V68 =W59-W68 Structural balance =D60-D68-D64-D65-D66 =E60-E68-E64-E65-E66 =F60-F68-F64-F65-F66 =G60-G68-G64-G65-G66 =H60-H68-H64-H65-H66 =I60-I68-I64-I65-I66 =J60-J68-J64-J65-J66 =K60-K68-K64-K65-K66 =L60-L68-L64-L65-L66 =M60-M68-M64-M65-M66 =N60-N68-N64-N65-N66 =O60-O68-O64-O65-O66 =P60-P68-P64-P65-P66 =Q60-Q68-Q64-Q65-Q66 =R60-R68-R64-R65-R66 =S60-S68-S64-S65-S66 =T60-T68-T64-T65-T66 =U60-U68-U64-U65-U66 =V60-V68-V64-V65-V66 =W60-W68-W64-W65-W66 Net expenditure growth ='Input data'!D45 ='Input data'!E45 ='Input data'!F45 ='Input data'!G33+G42-(G$12-F$12)/'Input data'!$C$64*100 ='Input data'!H33+H42-(H$12-G$12)/'Input data'!$C$64*100 ='Input data'!I33+I42-(I$12-H$12)/'Input data'!$C$64*100 ='Input data'!J33+J42-(J$12-I$12)/'Input data'!$C$64*100 ='Input data'!K33+K42-(K$12-J$12)/'Input data'!$C$64*100 ='Input data'!L33+L42-(L$12-K$12)/'Input data'!$C$64*100 ='Input data'!M33+M42-(M$12-L$12)/'Input data'!$C$64*100 ='Input data'!N33+N42-(N$12-M$12)/'Input data'!$C$64*100 ='Input data'!O33+O42-(O$12-N$12)/'Input data'!$C$64*100 ='Input data'!P33+P42-(P$12-O$12)/'Input data'!$C$64*100 ='Input data'!Q33+Q42-(Q$12-P$12)/'Input data'!$C$64*100 ='Input data'!R33+R42-(R$12-Q$12)/'Input data'!$C$64*100 ='Input data'!S33+S42-(S$12-R$12)/'Input data'!$C$64*100 ='Input data'!T33+T42-(T$12-S$12)/'Input data'!$C$64*100 ='Input data'!U33+U42-(U$12-T$12)/'Input data'!$C$64*100 ='Input data'!V33+V42-(V$12-U$12)/'Input data'!$C$64*100 ='Input data'!W33+W42-(W$12-V$12)/'Input data'!$C$64*100 Average net primary expenditure growth =AVERAGE(OFFSET($G$79,0,0,1,'Criteria results'!F5)) Debt increasing? (For criterion 1) =IF(K57<J57,0,1) =IF(L57<K57,0,1) =IF(M57<L57,0,1) =IF(N57<M57,0,1) =IF(O57<N57,0,1) =IF(P57<O57,0,1) =IF(Q57<P57,0,1) =IF(R57<Q57,0,1) =IF(S57<R57,0,1) =IF(T57<S57,0,1) =IF(U57<T57,0,1) =IF(V57<U57,0,1) =IF(W57<V57,0,1) Debt above 90% (for debt sustainability safeguard) =IF(F57>90,1,0) =IF(G57>90