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Commission considers Greek plans Commission considers Greek plans
(10 minutes later)
The verdict on the Greek government's plans for balancing the country's finances will be announced later by the European Commission. The verdict on the Greek government's plans for balancing the country's finances will be confirmed later by the European Commission.
Greece is struggling with its worst economic crisis since joining the euro. Commission President Barroso has already endorsed the programme, calling it "ambitious" but "subject to risks".
Its budget deficit of 12.7% of gross domestic product is more than four times higher than eurozone rules allow. Greece's deficit of 12.7% of gross domestic product is more than four times higher than eurozone rules allow.
Prime Minister George Papandreou has announced tough austerity measures, including a public sector pay freeze and increases on fuel duty. Prime Minister George Papandreou has announced tough austerity measures, including a public sector pay freeze.
In a televised address on Tuesday, he urged the public to support the programme.In a televised address on Tuesday, he urged the public to support the programme.
However, public sector workers are planning a strike next week.However, public sector workers are planning a strike next week.
The BBC's Europe correspondent, Johnny Dymond, says strong words are expected about the continuation of monitoring and the need for implementation of tough decisions.
Fear of contagionFear of contagion
Greece has one of the smaller economies in the European Union, but it is being watched closely because of the doubts financial markets have in it. Greece is struggling with its worst economic crisis since joining the euro in 2001.
It has one of the smaller economies in the European Union, but it is being watched closely because of the doubts financial markets have in it.
The envisaged correction of the deficit is feasible but subject to risks Jose Manuel BarrosoEuropean Commission PresidentThe envisaged correction of the deficit is feasible but subject to risks Jose Manuel BarrosoEuropean Commission President
Its long-term deficit cutting plan aims to reduce the budget shortfall to less than 3% by 2012, but many people in Brussels and beyond remain sceptical.Its long-term deficit cutting plan aims to reduce the budget shortfall to less than 3% by 2012, but many people in Brussels and beyond remain sceptical.
There are other bigger economies in the eurozone that face the same deficit problems and the fear of contagion is high, says the BBC's Europe correspondent, Johnny Dymond. There are other bigger economies in the eurozone that face the same deficit problems and the fear of contagion is high, says the BBC's Johnny Dymond.
It is highly unlikely that the commission will reject the Greek government's plans, he says, but strong words are expected about the continuation of monitoring and the need for implementation of tough decisions.
MisreportingMisreporting
Austerity will be a hard sell - many on the left will fight cuts and wage freezes Gavin HewittBBC Europe editor Read more in Gavin's blogAusterity will be a hard sell - many on the left will fight cuts and wage freezes Gavin HewittBBC Europe editor Read more in Gavin's blog
On Tuesday, European Commission President Jose Manuel Barroso said the size of Greece's deficit in 2009 came as "a surprise to us all".On Tuesday, European Commission President Jose Manuel Barroso said the size of Greece's deficit in 2009 came as "a surprise to us all".
"Such deficit results from a combination of budgetary slippage with statistical misreporting. A deficit of such a magnitude must be decisively corrected," he said."Such deficit results from a combination of budgetary slippage with statistical misreporting. A deficit of such a magnitude must be decisively corrected," he said.
"The envisaged correction of the deficit is feasible but subject to risks. Provided such risks will not be allowed to materialise through the timely implementation of corrective measures the deficit will indeed be corrected."The envisaged correction of the deficit is feasible but subject to risks. Provided such risks will not be allowed to materialise through the timely implementation of corrective measures the deficit will indeed be corrected.
"We believe this will be done. The Greek government is committed to take such measures.""We believe this will be done. The Greek government is committed to take such measures."
Are you in Greece? What is your reaction to the planned austerity measures? Do you support the programme? Will the cuts affect you? You can send us your views using the form below:Are you in Greece? What is your reaction to the planned austerity measures? Do you support the programme? Will the cuts affect you? You can send us your views using the form below:
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