Rehn acknowledges Greek efforts, sees ‘rebalancing’

The EU’s top economic official, Olli Rehn, has acknowledged government efforts to streamline the Greek economy, adding that a painful but necessary ?rebalancing? is currently under way in the debt-hit nation.

?Greece has already been able to take quite substantial action in fiscal policy and structural reform,? Rehn said in an interview with CNBC early Monday.

Lower labor costs and inflation, Rehn added, indicate that a ?rebalancing? is taking place in the country.

The Finnish politician, who is also vice president of the European Commission, stressed the need to keep Greece in the euro area.

Europe’s common currency, Rehn said, ?is irreversible and it is essential that we will maintain the unity of the euro.?

Greek Prime Minister Antonis Samaras on Monday tried to bridge differences with troika inspectors over a near 12-billion-euro austerity package, after they rejected parts of the plan that Greece hopes will release further aid payments.

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