Greek finance plan approved despite risks
Source: Agencies |
February 2, 2010, Tuesday
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Print Edition
Print Edition
THE European Commission said yesterday that Greece's plan to fix its budget crisis has a chance to work - but carries risks and might need additional measures to be successful.
The European Union's executive office backed the Greek approach to get its budget back in line because the targets "are achievable although surrounded by risks," said EU Commission spokeswoman Amelia Torres.
She called the Greek budget goals "ambitious, which we endorse and that the achievement of these objectives are absolutely necessary."
Greece's budget woes have shaken the EU and its shared currency, the euro. The 16 euro countries are required to keep their budget deficits under control to support the currency, but deficits have ballooned in several member states.
A Greek default would be a serious blow to the euro and would probably force other countries to step in with financial help to stop it. The currency's exchange rate has slipped on news of Greece's troubles.
The European Union expressed guarded confidence that Greece will pull itself out of its troubles.
Road to recovery
The Commission is expected to approve tomorrow a monitoring program to follow Greece's road to recovery and possibly a program with additional measures if some of the risks in the Greek recovery plan materialize.
"In our recommendations that the commission will be adopting on Wednesday we are creating a process of monitoring," said Torres, adding that the program "includes the need to adopt additional measures in case some of those risks will materialize."
EU finance ministers have already said they are not worried that Greece will default.
A bailout would be a first for the decade-old eurozone, which now looks vulnerable and faces painful, unpopular measures such as budget cutbacks and higher taxes.
The European Union's executive office backed the Greek approach to get its budget back in line because the targets "are achievable although surrounded by risks," said EU Commission spokeswoman Amelia Torres.
She called the Greek budget goals "ambitious, which we endorse and that the achievement of these objectives are absolutely necessary."
Greece's budget woes have shaken the EU and its shared currency, the euro. The 16 euro countries are required to keep their budget deficits under control to support the currency, but deficits have ballooned in several member states.
A Greek default would be a serious blow to the euro and would probably force other countries to step in with financial help to stop it. The currency's exchange rate has slipped on news of Greece's troubles.
The European Union expressed guarded confidence that Greece will pull itself out of its troubles.
Road to recovery
The Commission is expected to approve tomorrow a monitoring program to follow Greece's road to recovery and possibly a program with additional measures if some of the risks in the Greek recovery plan materialize.
"In our recommendations that the commission will be adopting on Wednesday we are creating a process of monitoring," said Torres, adding that the program "includes the need to adopt additional measures in case some of those risks will materialize."
EU finance ministers have already said they are not worried that Greece will default.
A bailout would be a first for the decade-old eurozone, which now looks vulnerable and faces painful, unpopular measures such as budget cutbacks and higher taxes.
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