The European Commission says Greece's plan to fix its budget crisis carries risks — but still backs it because the targets are achievable.

EU Commission spokeswoman Amelia Torres said that the Greek budget goals "are ambitious, which we endorse and that the achievement of these objectives are absolutely necessary."

With Monday's statement, the European Union expressed guarded confidence that Greece will pull itself out of a debt crisis that has weighed on the euro's exchange rate and highlighted the vulnerabilities of Europe's shared currency.

The Commission is expected to approve on Wednesday a monitoring program to follow's Greece's road to recovery and possibly a program with additional measures if some of the risks in the Greek recovery plan materialize.