Greece’s finances so improved EU should end disciplinary procedures
Brussels — Greece’s fiscal position has improved and the EU should end disciplinary procedures against it over its excessive deficit, the EU Commission said on Wednesday, paving the way for the country to return to international bond markets. EU fiscal rules oblige member states to keep their budget deficits below 3% of their economic output or face sanctions that could entail hefty fines, although so far no country has received a financial penalty. Greece recorded a 0.7% surplus last year and is expected to have a deficit of only 1.2% in 2017. "Our recommendation to close the excessive deficit procedure for Greece is another positive signal of financial stability and economic recovery in the country," commission vice-president Valdis Dombrovskis said in a statement. Ending the procedure — a step that must still be confirmed by EU states — would further reduce the pressure on Athens after eurozone creditors unblocked new loans to it worth ¤8.5bn ($9.6bn) last week as part of its ¤86...
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