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| Version 3 | Version 4 |
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| Commission endorses Greek plans | Commission endorses Greek plans |
| (10 minutes later) | |
| The European Commission has confirmed its endorsement of the Greek government's plans for balancing the country's finances. | The European Commission has confirmed its endorsement of the Greek government's plans for balancing the country's finances. |
| But EU economic commissioner Joaquín Almunia also launched an infringement procedure to ensure Greek authorities report reliable budgetary statistics. | |
| He also welcomed the additional fiscal measures taken by Greece to try to reduce its budget deficit. | He also welcomed the additional fiscal measures taken by Greece to try to reduce its budget deficit. |
| Greece's deficit is more than four times higher than eurozone rules allow. | Greece's deficit is more than four times higher than eurozone rules allow. |
| In a televised address on Tuesday, Prime Minister George Papandreou urged the public to support his programme of tough austerity measures, which includes increases on fuel duty and a public sector pay freeze. | |
| However, public sector workers are planning a strike next week. | However, public sector workers are planning a strike next week. |
| Fear of contagion | Fear of contagion |
| Greece is struggling with its worst economic crisis since joining the euro in 2001. | 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. | 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 President | The 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, currently 12.7%, 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 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. |
| Misreporting | Misreporting |
| 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 blog | 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 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: |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |