Press Release: Commission assesses Greek stability programme and compliance with excessive deficit recommendations

The European Commission on 6 April 2005 concluded that Greece was taking effective action to reduce its deficit below 3% in 2006 consistent with the Council decision of February 2004. The Greek stability programme for 2004-2007 showed the Greek deficit falling to 3.7% of GDP in 2005 and to 2.9% in 2006, after having peaked at 6.1% in 2004. The budgetary strategy was based on a mix of revenue-enhancing measures and expenditure retrenchment, allowing for a primary surplus of 0.7% of GDP in 2005. But the Commission saw risks for 2005 and beyond, and called on Greece to implement the necessary permanent measures to ensure the correction of the excessive deficit by 2006.

European Commission: DG Economic and Financial Affairs: About: Activities: Stability and Growth Pact and Fiscal Surveillance: Excessive Deficit Procedure (EDP): Ongoing procedures: Greece http://ec.europa.eu/comm/economy_finance/about/activities/sgp/edp/edpel_en.htm

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