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30 September, 1998
The European Commission will convene its weekly session today and is expected to ratify the revised Greek convergence program which had been adjusted to new developments following the devaluation of the drachma on March 14 this year.
According to an EU source, the European Commission recognizes efforts made by the Greek government for convergence and considers the targets set in the revised program to be satisfactory.
The revised program, which covers the 1998-2001 period, anticipates 4.5 per cent inflation in 1998 and 2.5 per cent in 1999 and a public deficit of 2.4 per cent in 1998 and 2.1 per cent in 1999.
The European Commission believes that the Greek participation in the euro will depend on the achievement of targets set by the Greek government and on the strict implementation of the revised convergence program, particularly in connection with the rational functioning of the public sector and an increase in its effectiveness, privatizations and reforms in the social sector.
The revised Greek convergence program will also be examined by the Monetary Committee.
Source: Athens News Agency