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Greece Under Commissions Supervision

There are three measures that both the European Commission and the European Central Bank seem to think that work when it comes to tackling Greeces fiscal problems: increasing VAT by one or two points, increasing the age limits for retirement and wage freeze until the deficit is brought below 3%.

None of these is included in the Greek Stability Programme that is being sent today in Brussels.

Brussels insist that the Greek restructuring plan has to be completed before the mandate of the current government ends, so that it will be the sole responsible for its implementation.

Greek officials will meet in Athens with EU executives to agree on the starting point, that is on the deficit level for 2009. Eurostat in January will also decide on the height of the deficit.

Of course, until February (16/2) when Greece will be officially under close supervision, many depend on the course of the crisis in the rest of Europe, and if Spain, which holds the rotating presidency since the first of January, will turn out to be another “offender” with high debt and deficit levels.
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