Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-19-Speech-2-339"
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"en.20070619.44.2-339"2
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"Mr President, formally speaking, the Commission is so far not going any further than what we proposed to the Council, and the Ecofin Council approved the latest update of the stability programme, that is to say, the long-term sustainability of the public accounts in Greece must be improved.
Greece is one of the six Union countries that, according to the report that we produced last year, is in a position of high risk in terms of the lack of sustainability of its public accounts, largely due to the fact that, according to the current demographic forecasts, a sharp increase in spending on health and pensions is expected. It is not the only factor, but it is a clear factor, to which we can add Greece's extremely high level of public debt, which, as I said in my first speech, is over 100% of Greek GDP.
The Greek authorities therefore need to draw up, and the Greek Parliament needs to debate and approve, reforms aimed at improving sustainability. It is absolutely clear to anybody who analyses the Greek economy and public accounts that these reforms must involve a reform of the pension system and the social security system, improving their sustainability and hence their medium-term and long-term viability and at the same go further than the excessive deficit correction that has taken place.
A structural objective of Greece's budgetary strategies must continue to be a reduction of the levels of public debt because, although they are falling, they are still extremely high."@en1
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