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EU closes procedure against Greece sending an upbeat message

EU countries stopped Greece procedures in relation to its strong deficit following bettering of fiscal situation in the country, stating Greece is steadily heading to recovery.

This action having little real significance, however, sends a message that public finances of Greece are again manageable, easing the government’s initiatives to tap markets following an effective issue of bonds in mid-summer that brought a long lasting exile to an end.

Rules of the EU say that member states must hold budget deficit lower than 3% of their production, or else they’re to fall under sanctions that could result in large fines, but at the moment there has been no such cases.

Last year Greece’s budgetary surplus was 0.7%, and the forecast is it will keep within EU requirements this year. Taking this into account, the Council of European states counts that Greece meets all the conditions for ending the deficit procedure, said the EU in a statement.

Estonia’s finance minister pointed out that long years of harsh crisis are over and the financial state of Greece is a lot better, therefore current decision is hailed. July’s offer by the executive commission of the European Union to close the procedure against Greece has been supported by the EU countries.


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