Financial markets will be keeping a close eye on the Commission’s assessment as they weight Greece’s credibility as a debtor. Last year, sharp upward revisions to Greek deficit and debt figures led to ratings downgrades and sent yields soaring.
Commission President Jose Manuel Barroso said, “The Commission has assessed the program. The envisaged correction of the deficit is feasible but subject to risks. Provided such risks will not be allowed to materialize through the timely implementation of corrective measures the deficit will indeed be corrected. We believe this will be done. The Greek government is committed to take such measures.”
The full Greek plan can be found here.
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