Tags: EU | Greece | Bailout

After 8 Years of Austerity, Greece Gets EU Budget Approval

Wednesday, 12 July 2017 08:38 AM

BRUSSELS (AP) — After eight years of toil by the Greek people, the European Union is finally recognizing that Greece's budget is no longer breaking the bloc's rules.

The recommendation from the EU's executive Commission to close the so-called excessive deficit procedure on Greece comes in the wake of the sharp improvement in the country's public finances following years of austerity.

Pierre Moscovici, the EU's top economy official said this is "a very symbolic moment for Greece" and a "recognition of the massive reduction of Greece's fiscal deficit, to below the euro area average." Greece, he added, is ready to "turn the page on austerity and open a new chapter of growth, investment and employment."

Greece has been under the spotlight since 2009 when its budget crisis first emerged.

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After eight years of toil by the Greek people, the European Union is finally recognizing that Greece's budget is no longer breaking the bloc's rules.The recommendation from the EU's executive Commission to close the so-called excessive deficit procedure on Greece comes in...
EU,Greece,Bailout
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2017-38-12
Wednesday, 12 July 2017 08:38 AM
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