Greece to Face Most Stringent EU Monitoring

Greek PM Papandreou said a public sector pay freeze and fuel duty increases were essential because the economic crisis was propelling Greece towards a cliff. Photo by BGNES

Greece will face the most stringent monitoring of any European Union country as it attempts to balance its finances over the next few years.

The news came as the European Commission confirmed its support of Greece's plans to reduce its deficit, the BBC reported.

EU economic commissioner Joaquín Almunia also launched an infringement procedure to ensure Greek authorities report reliable budgetary statistics.

Greece's deficit is more than four times higher than eurozone rules allow. Almunia welcomed the additional fiscal measures taken by Greece.

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