EU: closing deficit procedure for Greece

“This is a very symbolic moment for Greece. After so many years of sacrifices by the Greek people, the country is finally reaping the benefits of its efforts. Following the payment of 7.7 billion euros on Monday as a result of the conclusion of the second review, today’s proposal by the European Commission is recognition of the massive reduction of Greece’s fiscal deficit, to below the euro area average.” Stated Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs.

The Commission has decided to recommend to the Council to close the Excessive Deficit Procedure (EDP) for Greece.

 Greece is now ready to exit the Excessive Deficit Procedure, turn the page on austerity and open a new chapter of growth, investment and employment. The Commission will remain at the Greek people’s side during this new phase.” concluded Commissioner Moscovici.

This follows the substantial efforts in recent years made by the country to consolidate its public finances coupled with the progress made in the implementation of the European Stability Mechanism (ESM) support programme for Greece.

Vice-President Valdis Dombrovskis, responsible for the Euro and Social Dialogue, said: “Our recommendation to close the Excessive Deficit Procedure for Greece is another positive signal of financial stability and economic recovery in the country. I invite Greece to build on its achievements and continue to strengthen confidence in its economy, which is important for Greece to prepare its return to the financial markets. Swift implementation of agreed reforms is crucial to bring about their positive effects to the Greek society and economy. A long-term growth strategy would help ensure more and better jobs, robust growth and prosperity in the future.”

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