Athens News Agency: News in English, 06-07-11

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] EU satisfaction on Greece's progress in containing deficit

[01] EU satisfaction on Greece's progress in containing deficit

The two leading EU officials made the comments in Brussels after the Eurogroup meeting on Monday evening, while they also stressed that all Eurozone countries should intensify efforts to achieve lasting fiscal reform and criticized the fiscal laxity tendencies observed in certain countries which currently are not being subjected to the procedures aimed at controlling excessive deficit and are not taking any steps to prevent this from happening in the future.

Referring to the Greek economy, Almunia pointed out that it has made notable progress during the past year, like the economies of France, Germany and Portugal which are also countries with large deficits.

On the prospects of the Greek economy, the Spanish European Commissioner noted that Greece's national economy and finance minister George Alogoskoufis briefed the Eurogroup on Monday that state revenues are on a satisfactory course and the Greek government target for 2006 to bring deficit below 3 percentage points of GDP will be met.

However, Almunia pointed out that he and the European Commission were expressing caution, as always, and anticipate that the Greek deficit in 2006 will be ?around 3 percent?.

The Commissioner reiterated that it is important to stabilize fiscal balance with interventions of a structural nature adding that in order to decide if this is the case with Greece he will have to review next yearâs budget figures, which he expects to receive in the autumn.

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