EU said to be satisfied with budget work

Economy and Finance Minister Yiannis Papathanassiou (left) is seen chatting with the chairman of the European Union finance ministers’ council (Ecofin), Swedish Finance Minister Anders Borg, in Brussels yesterday. Papathanassiou said that budgetary measures taken by the government in June were considered satisfactory by the EU, despite being of a one-off nature. ‘We explained the reasons we could not adopt structural measures in 2009. In the 2010 budget, we will have structural measures that will help Greece lower its budget deficit,’ he added. If Greece fails to lower its budget deficit to below 3 percent of GDP for ‘objective reasons,’ then the European Commission may give an extension to the 2010 deadline, according to the minister.