Greece to be removed from EU deficit blacklist

The European Commission on Wednesday recommended closing the Excessive Deficit Procedure for Greece, saying the three- times bailed-out country has made substantial efforts in recent years to consolidate public finances although it still needs continued support until 2018.

European Commission Vice-President Valdis Dombrovskis said that the recommendation is another positive signal of financial stability and economic recovery in Greece.

According to Commission figures, Greece gained a surplus of 0.7% last year,

The recommendation is expected to be adopted by the 28 EU finance ministers following the summer holiday.

Source: VOV5