Eurogroup Notes Greece’s Progress In Reforming, Calls To Keep Going

The Eurogroup is satisfied with Greece’s fulfillment of reform commitments following the fourth report on economic oversight. The next report will be published in February 2020, according to a statement issued on Wednesday in Brussels.

“We welcome confirmation that Greece is projected to achieve a primary surplus target of 3.5% of GDP for 2019. We also welcome the adoption of the 2020 budget, which is projected to achieve the primary surplus target and includes a package of measures favorable for growth, » the Eurogroup said in a statement.

It notes that Greece has made « significant progress » in undertaking broad structural reforms, in particular in the labor market, in the field of licensing investments and in the business sector.

“It will be extremely important for Greece to maintain and, if necessary, accelerate the advancement of the reform process,” the Eurogroup said, welcoming the intention of the Greek authorities to continue “all the key reforms adopted under the European stability mechanism.”

« It is also extremely important to continue and intensify the implementation of other reforms in the financial sector, in particular, the elimination of cases of household insolvency pending in courts, and the further improvement of the electronic auction system, » the Eurogroup notes.

In this context, “The Eurogroup welcomes the assessment by European institutions that Greece has taken the necessary measures to fulfill its specific reform commitments by mid-2019.”

The fifth report on the supervision of the Greek economy is expected to be published in February 2020.


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