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Eurogroup: Greece Must Take All Required Economic Measures

Greece’s programme is broadly on track, but following the revision of its debt and deficit figures for 2009 by Eurostat, the debt ridden country will need to take all the required measures in 2011 to bring its deficit down to 17 bil. euro.  This was stated by the euro zone finance ministers late Tuesday in a statement.
“We acknowledge that, with the substantial execution of the programme achieved over the past 5-6 months, the required adjustment is broadly on track,” they said.
They note that the data revision is expected to affect the 2010 deficit figures and “in this respect, we welcome the strong commitment of the Greek government to undertake the required additional measures in the budget for 2011, in order to confirm the ambitious deficit target of € 17 billion next year.”
“The government is currently specifying the details of such additional measures in the 2011 budget as well as in the revised Memorandum of Understanding. We stress in particular the need for further expenditure reductions, as well the acceleration and deepening of structural reforms in particular in the area of taxation, labour markets, business environment, health care and the efficiency of public administration.”
“We remain confident that the significant progress made during the course of this year will continue, allowing the consolidation of the Greek budget to remain on track.”

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