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Brussels, 11 September 2011

Statement of Commissioner Rehn on Greece

"I welcome the expressed commitment by the Greek government to fully meet the agreed fiscal targets this year and next, and to take the necessary consolidation measures to achieve these objectives. Today's decisions, including the levy on real estate, will go a long way in to meeting the fiscal targets.

Greece needs to meet the agreed fiscal targets and implement the agreed structural reforms to fulfil the conditionality and ensure funding from its partners. This is fundamental to ensure the sustainability of public finances, to improve perspectives for the Greek citizens in terms of growth, jobs and welfare.

Staff of the European Commission will return to Athens in the coming days to provide technical support to the Greek authorities in their ongoing work. Once Greece meets the conditions, I expect the review by the troika could be concluded by the end of September.

The contribution from the private sector will be important for the debt sustainability of Greece - together with the rate reduction and maturity extension of official loans. The work on private sector involvement is proceeding according to the plan of 21 July.

The Commission's Task Force on Greece has started its work to provide technical assistance to support growth, investment and employment, in particular through a better use of EU structural funds. 

Once again I call on the euro area member States to finalize the technical issues and implement as soon as possible the decisions of the eurozone summit of 21 July. I expect the Eurogroup meeting this Friday in Wroclaw to overcome the remaining hurdles. The ratification of the agreed EFSF reform in the member states is another urgent priority."

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