{"id":270076,"date":"2010-02-03T07:00:00","date_gmt":"2010-02-03T12:00:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/europe-gives-the-all-clear-to-emergency-greek-financial-plan-2010-2"},"modified":"2010-02-03T07:00:00","modified_gmt":"2010-02-03T12:00:00","slug":"its-official-europe-approves-greeces-emergency-financial-plan","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/270076","title":{"rendered":"It’s Official: Europe Approves Greece’s Emergency Financial Plan"},"content":{"rendered":"

\"european<\/p>\n

Greece’s plan to bring budget deficits down to under 3% of GDP by 2012 have received formal approval from the European Commission.<\/p>\n

Bloomberg:<\/a><\/p>\n

“We are endorsing the Greek program; we are giving confidence and supporting the Greek authorities,” EU Economic and Monetary Affairs Commissioner Joaquin Almunia told reporters in Brussels today. “The implementation of this program is not easy.”<\/p>\n

Still, it’s been made clear that the nation’s financial situation will require monthly updates, and that road ahead remains extremely challenging.<\/p>\n

It remains to be seen whether the Greek government has the political capital to enact the spending cuts and potential tax hikes necessary to achieve its proposed goals.<\/p>\n

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