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Brussels, 8 December 2009

Statement by Commissioner Commissioner Almunia on Greece

" We take note of the fact that the sustainability of public finances in Greece draws the attention of financial markets and rating agencies. A difficult situation in one euro-area Member State is a matter of common concern for the euro area as a whole. It is clear that Greece faces very substantial economic and fiscal challenges. The Greek government has transmitted to the Commission and the Eurogroup its determination to restoring sound public finances. The draft budget adopted on 20 November is one important step in the right direction, but more measures are required. The Commission will continue to monitor the situation in Greece very closely, in close contact with the President of the Eurogroup, and stands ready to assist the Greek government in setting out the comprehensive consolidation and reform programme, in the framework of the Treaty provisions for euro-area Member States", said Joaquín Almunia, Economic and Monetary Affairs Commissioner.

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