ECOFIN 16.II.2010

highlights

In December 2009, the Council stated in a decision that Greece had failed to comply with its recommendation.

The Council sets numerical limits to Greece's government deficits and to annual changes in its
consolidated gross debt in 2010, 2011 and 2012. It calls on Greece to implement specific budgetary consolidation measures, including those presented in its stability programme, namely:
– urgent measures to be taken by 15 May 2010;
– supporting measures to safeguard budgetary targets for 2010;
– other measures to be adopted by the end of 2010; and
– other measures to be adopted by 2012.

The Council also asks Greece to present a report by 16 March 2010 setting out the timetable for
implementing budgetary target measures for 2010, and another by 15 May outlining the policy
measures needed to comply with the Council's decision. Quarterly reports should be submitted
thereafter.

The Council therefore calls on Greece to design and implement as soon as possible, starting in
2010, a bold and comprehensive structural reform package. It sets out specific measures, covering wages, pension reform, healthcare reforms, public administrations, the product market, the business environment, productivity and employment growth.

http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/112912.pdf