European Commission Approves Greece’s 2019 Budget



The European Commission on Wednesday approved Greece’s budget for 2019, the first budget drawn up after the bailout of 2015, while urging the country to speed up reforms to qualify for the application of debt relief measures.

The debt relief plan, to which creditors agreed in June of 2018, will depend on how well the Greek economy performs in the future. The assessment will take place early in the new year.

Greece is due about 4.8 billion euros in profits from Greek bonds held by the European Central Bank and other Eurozone central banks. The funds will be disbursed in semi-annual tranches.

Greece said it will meet the target of a GDP surplus of 3.6 percent in 2019 without implementing legislated pension cuts.