EU finance ministers approve Greek austerity plan

The EU finance and economy ministers on Tuesday approved Greece’s plan to solve its public finance crisis within three years. The programme envisions measures to slash the country’s huge budget deficit by 4% this year with more measures to come.

EU Monetary Affairs Commissioner Olli Rehn told the meeting of ministers in Brussels that Athens has several days to explain the complex financial actions it used to hide its debts, and one month to prove that its drastic budget restrictions are sufficient to calm world markets.

Greek Finance Minister George Papaconstantionou said Athens has already made significant progress. On Monday, the plan was approved by eurozone finance ministers, who asked Greece to impose more restrictive measures next month, should those already planned turn out to be insufficient.

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