MEIMEI的歐洲留學之旅

Greece has been the subject of an EU excessive deficit procedure since April 2009, when the European Council also issued a recommendation on corrective action to be taken. In December 2009, the Council stated in a decision that Greece had failed to comply with its recommendation.

The country is sitting on debts that are expected to hit 290 billion euros this year. The cost of servicing that debt has risen as bond markets have punished Greece for its financial profligacy, pushing yields higher.

The ministers agreed to give Greece until 16 March to present a report on new budgetary measures to be implemented over the course of 2010.

(?? Eurozone has nth more than a national budgetary policy…but a teetering fiscal sovereignty… )

EU finance ministers gathered in Brussels yesterday to formalise a timetable for the Greek government to reduce its budget deficit from 12.7% to 3% by 2012.

The Greek recovery plan will hinge on a report to be submitted in March. If the European Commission thinks the Greek authorities are not on track, they will be expected to come up with additional measures.

The Greek finance minister confirmed that he would not yet offer anything more than the public sector wage cuts and tax reforms already on the table, but admitted he would develop additional solutions if asked to do so in March.

As a back-up plan, member states also stressed that they would offer support to the Greek economy if needed, as agreed by EU leaders on 11 February.

(??????)

What kind of support?

Germany – were unwilling to spell out in detail what member states would be expected to do to prop up the Greek economy.

For the first time, the fiscal sovereignty of a eurozone country could now be called into question as member states agree that securing the stability of the euro is a shared responsibility

"The sovereign states [in the euro zone] have a common currency so we must take all decisions regarding the euro together," Lenihan told the press.