| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Press Release |
| Series Details | IP/17/1962 (12.07.17) |
| Publication Date | 12/07/2017 |
| Content Type | News |
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Background and further information: This recommendation followed years of efforts made by Greece to consolidate its public finances coupled with the progress made in the implementation of the ESM support programme for the country. Greece made significant progress in returning to a path of fiscal sustainability. The general balance improved from a deficit of 15.1% in 2009 to a surplus of 0.7% in 2016. This was well below the 3% threshold set out in the If the Council follows the Commission's recommendation, only three Member States would remain under the corrective arm of the Stability and Growth Pact (France, Spain and the United Kingdom), down from 24 countries during the financial crisis in 2011. The Stability and Growth Pact is the framework designed to coordinate fiscal policies and ensure sustainable public finances in the European Union. Greece was subject to the corrective arm of the Stability and Growth Pact since 2009. The European Commission decided on 12 July 2017 to recommend that the Council of the European Union closes the Excessive Deficit Procedure for Greece. |
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| Source Link | Link to Main Source http://europa.eu/rapid/press-release_IP-17-1962_en.htm |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe, Greece |
