The European Commission (EC) endorsed yesterday the Stability and Growth Programme which had submitted by the Greek government in January.

The Commission adopted a series of recommendations for Greece to correct the excessive budget deficit, improve competitiveness through structural reforms, and provide reliable statistics. 

Specifically, it advocates ensuring that the budget deficit of Greece is brought below 3% of GDP by 2012, that the government timely implements a reform programme to restore the competitiveness of its economy and generally runs policies that take account of its long-term interest as well as the general interest of the Euro area and the European Union as a whole.

Speaking to reporters, EU Economic and Monetary Affairs Commissioner Joaquin Almunia expressed his full support for the Greek government's plans to correct the country's fiscal imbalances, although he acknowledged the risks and difficulties of implementing this ambitious programme, as he said.

On Tuesday, European Commission President Jose Manuel Barroso had expressed his conviction that Greece will achieve a correction of its budget deficit within the timetable set.

Europa Press Release: Commission assesses Stability Programme of Greece (3/2/2010)

Source: GREEK NEWS AGENDA issued by the Secretariat Genera

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