BRUSSELS (MNI) – The following is the full text of a statement by
the Eurogroup on Greece after the group’s regular monthly meeting here
Tuesday:

“The Eurogroup, the European Commission and the ECB welcome the
efforts undertaken by the Greek Government to comply with the agreed
adjustment programme, in view of a substantial reduction of the deficit
in 2010 and the abrogation of the excessive deficit by 2014.

“In particular, we acknowledge that, with the substantial execution
of the programme achieved over the past 5-6 months, the required
adjustment is broadly on track.

“We note the recent validation by Eurostat of fiscal data notified
by the independent Greek statistical authority for 2009.

“Based on methodology fully in line with European standards, there
is, as expected, a substantial revision in government deficit and debt
data for 2009. This revision is expected to affect the 2010 deficit
figures. We welcome the support given by the Commission (Eurostat) and
some Member States to provide assistance to Greece in the area of fiscal
and other macroeconomic statistics.

“We also welcome the efforts of the Greek authorities to correct
the deficiencies in the administrative and accounting systems in
parallel with improvements in the statistical system.

“In this respect, we welcome the strong commitment of the Greek
government to undertake the required additional measures in the budget
for 2011, in order to confirm the ambitious deficit target of E17
billion next year.

“The government is currently specifying the details of such
additional measures in the 2011 budget as well as in the revised
Memorandum of Understanding. We stress in particular the need for
further expenditure reductions, as well the acceleration and deepening
of structural reforms in particular in the area of taxation, labour
markets, business environment, health care and the efficiency of public
administration.

“We remain confident that the significant progress made during the
course of this year will continue, allowing the consolidation of the
Greek budget to remain on track.”

–Brussels: 0032 487 (0) 32 803 665, echarlton@marketnews.com

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