August 19, 2010
Greece's strong action to reduce its excessive budget deficit should pave the way for the payment of a second tranche of €9 billion ($11.57 billion) in euro-zone financial aid to the stricken country in September, the European Commission said Thursday.
The country's deficit has fallen by 46% over the first half of 2010, the commission said—a reduction that is "faster than planned." Spending by the state has also dropped 17% compared with the first half of 2009, and the government has undertaken public-sector wage cuts and pension reforms, it added.
"Greece has managed impressive budgetary consolidation during the first half of 2010 and has achieved swift progress with major structural reforms," said Economic and Monetary Affairs Commissioner Olli Rehn.
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