Athens News Agency: News in English, 07-02-28

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

CONTENTS

[01] Premier Karamanlis briefed by FinMin Alogoskoufis on ECOFIN meeting

[01] Premier Karamanlis briefed by FinMin Alogoskoufis on ECOFIN meeting

Speaking to reporters after the meeting, Alogoskoufis said that Greece's Stability and Growth Programme had been assessed during the ECOFIN meeting, adding that "the evaluation was positive", and that "the positive course of the Greek economy was acknowledged".

The minister noted, however, that some problems still existed, adding that consdeuently the fiscal adjustment needed to be continued and more reforms were also necessary.

Asked when the Greek economy would be removed from the "excessive deficit procedure", Alogoskoufis replied that the timing and when the decision would be taken concerned the European Commission and the Council, adding that "the European Commission will decide when it will make the recommendation", and referred reporters to statements by EU Economic Affairs Commissioner Joaquin Almunia.

Almunia said on Tuesday that Greece's exit from the procedure regarding excessive deficit could take place around May, 2007, provided that current estimations that Greece achieved stabilisation of its fiscal deficit at below three per centage points of its Gross Domestic Product (GDP) in both in 2006 and 2007, were confirmed.

Almunia was responding to questions during a press conference at the end of an ECOFIN council meeting in Brussels. He also said that he had discussed the issue with Alogoskoufis earlier in the day.

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