Press Release: Council sets out measures to be taken by Greece to reduce its government deficit, Brussels, 10 May 2010

The Council on 10 May 2010 adopted a decision, addressed to Greece, intended to strengthen budgetary surveillance and giving notice to take measures to reduce its government deficit. The Council's decision calls on Greece to put an end to the present excessive deficit situation – by reducing its deficit below the 3% reference value set by the EU treaty – as rapidly as possible and at the latest by 2014. To achieve this aim, an improvement in the structural balance of at least 10% of gross domestic product will have to be achieved over the period 2009-14.