FC Approves Greek Exit from Excessive Deficit Procedure

FC Approves Greek Exit from Excessive Deficit Procedure

The Economic and Financial Committee (EFC) gave on Monday the "green light" for Greece's exit from the excessive deficit procedure during a meeting in Brussels, after a positive recommendation by the European Commission, according to a Eurozone source.
According to the source, the final decision is expected to be ratified in September at the level of ambassadors (COREPER).
The Eurogroup Working Group (EWG) which met later discussed the progress made in the implementation of the Greek program after the summer lull and ahead of the informal Eurogroup to be held on September 15 in Tallinn, Estonia.
According to Athens-Macedonian News Agency's sources, the senior officials of the Eurozone finance ministries assessed that the economic situation in Greece is improving and that the target for a primary surplus of 1.75% is feasible, bank deposits are returning and growth this year could exceed 1.8%.

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