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The European commission for economic and monetary affairs gave a green light to the Greek Program for stability and development. The government of PASOK has set as a main goal to decrease the national deficit from the 12,7% in 2009 to under 3% of the GDP by the end of 2012. The recommendations of the commission to Greece are to undertake immediate structural reforms, aimed at increasing of the competitiveness and the efficiency of the public administration. “Acceleration of the reforms in the social security and health care, improvement of the functioning of the labor market and the system for collective labor contracting”, are part of the indications written in the report of the European commissioners.

Brussels welcomes the announced by the Prime minister George Papandreou additional measures for exiting the economic crisis. More specifically Papandreou announced officially on Tuesday, Fabruary 2^nd that the increases of the wages and appointments in the public sector will be frozen and the supplements to the wages will be cut by minimum 10% for all governmental employees (which count about 800 thousand in Greece). Another additional measure, which the socialist government decided to introduce, is the increase of the retirement age which was currently 65 years for men. The government did not give a specific suggestion by how many years will be increased the retirement age, however experts claim that it will reach 67 years. After the increase of the indirect taxes on the alcoholic beverages and tobacco, the Prime Minister stated that the increase in the excise duty on the fuels is inevitable.

“We share the goals of the Greek government and we find the program for optimistic and feasible,” stated the commissioner of the economic and monetary affairs Joaquin Almunia. He underlined the necessity of changes in the health care and pension security. Almunia pointed out that the measures, announced by the Greek Prime Minister are in the right direction, however they have to be applied as soon as possible. In a report he stresses that Greece has to deal immediately with the matter on the reliability of its statistical data. The commissioners call to the government to undertake all necessary measures to eliminate the problem with the national statistical institute and to prepare as soon as possible the new legal framework which will guarantee the reliability of the Greek statistical data. In the recommendations is written that Greece has to cooperate with the experts from Eurostat for the execution of a joint plan of action, through which they will eliminate the weaknesses in the activities of the statistical institute.

On May 15 this year, the Greek government has to present a detailed report and a time frame for the execution of the budget. After this date each month there will be an audit on the governmental activity carried out. The execution of the 2010 Budget and the Program for stability and development will be carefully overseen by Brussels in order to guarantee the economic rehabilitation of the Mediterranean country as a member of the Euro zone. After the approval by the European commissioners on February 16^th at a conference of the ministers from the Euro zone ECOFIN, the Program for stability and development will be legally bounding for Greece.