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EU Council has closed Greece's deficit procedure

"Athens' finances are in much better shape"

25 September, 11:27
(ANSA) - TRIESTE - The European Council has closed the excessive deficit procedure for Greece. It confirmed that the country's deficit is now below 3% of GDP, the EU's reference value for government deficits.

On 25 September, the Council repealed its 2009 decision on the existence of an excessive deficit. "After many years of severe difficulties, Greece's finances are in much better shape.

Today's decision is therefore welcome", said Toomas Toniste, minister for finance of Estonia, which currently holds the Council presidency. "We are now in the last year of the financial support programme, and progress is being made to enable Greece to again raise money on the financial markets at sustainable rates." From a deficit of 15.1% of GDP reached in 2009, Greece's fiscal balance has steadily improved, turning into a 0.7% of GDP surplus in 2016. Although a small deficit is projected for 2017, the fiscal outlook is expected to improve again thereafter.

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