Greece to submit economic reforms to EU end-January
The Greek government said Monday it would submit to the European Commission by the end of the month its stability and growth programme for restoring the country's debt-ridden economy.
"The programme that we are developing, in contact with the European Commission ... should be officially presented to the Commission at the end of January," government spokesman George Petalotis said.
He denied that there was any delay in the plan after Greek media reports that it was supposed to be submitted to Brussels on Monday.
Petalotis added that a delegation from the Commission, the European Union's executive arm, was expected in Athens in the next few days to discuss the programme.
Local media reported that the Commission delegation would arrive Wednesday along with representatives of the European Central Bank, which oversees monetary policy in eurozone countries.
Greece's European partners and financial markets have been losing patience with Athens to get a firm grip on economic reforms given the country's deep crisis.
Greece is struggling with a public debt that approaches 113 percent of gross domestic product, far in excess of the 60 percent stipulated by the eurozone. The government has said the debt in 2010 will likely come to 120 percent of output.
The deficit in public finances for 2009 amounts to 12.7 percent of GDP, well above the 3.0 percent eurozone limit.
According to Greece's finance ministry, the stability programme is expected to cut the deficit to 8.7 percent in 2010 and it should return under the eurozone three-percent ceiling in 2013.
Prime Minister George Papandreou, in power since the Socialists won October's general election, has pledged to rein in spending and combat tax evasion in an effort to balance the books.
The Greek government said Monday it would submit to the European Commission by the end of the month its stability and growth programme for restoring the country's debt-ridden economy.
