Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-08-Speech-3-373"
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"en.20100908.17.3-373"2
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"The Council has often emphasised the Greek economy’s long-term structural problems in various multilateral supervision exercises. Along with the excessive deficit procedure, on 16 February 2010, the Council recommended that Greece implement a set of measures to improve the running of the commodity markets and the corporate environment, to sustain the growth in productivity and employment, to improve the efficiency and the rate of absorption of the Union’s structural funds, to correct the country’s excessive budget deficit and ensure the long-term viability of its public finances.
Greece presented the first report on the implementation of these measures on 16 March and the second in May. In June, the Commission and the International Monetary Fund carried out a preliminary analysis within the framework of the financial stabilisation mechanism valued at EUR 110 billion, granted to Greece jointly by the Member States of the euro area and the IMF. The analysis was completed in August but the Commission’s final report has not been formally referred to the Council.
The Commission has notified the Member States in the euro area of the preliminary results of the analysis and if, according to the Commission’s assessment, the economy develops in line with the projections that form the basis of the adjustment programme that backs up the financial stabilisation mechanism, the increase in the inflation rate will have a negative impact on the commodity markets. The Council will therefore monitor the situation carefully and will continue to take appropriate measures to help the Greek authorities to encourage economic growth and maintain a healthy budgetary policy.
If the Commission believes that the changes in the economy comply with the underlying projections of the adjustment programme that backs up the financial stabilisation mechanism, the rise in the rate of inflation will, as I was saying, be likely to have a negative impact on the markets. The same goes for the budgetary situation, which the Council will monitor carefully."@en1
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