Greek finances improve, EU's 'excessive deficit procedure' is lifted
Greece's deficit reached 15.1% of GDP in 2009. The following year the country was on the verge of bankruptcy and was forced to borrow from other EU countries and the International Monetary Fund.
The European Council -- the body that defines the European Union's overall political direction and priorities -- said on Monday that Greece's deficit is below the reference point of 3% of gross domestic product (GDP) and the country can exit the bloc's 'excessive deficit procedure'.
Greece's deficit reached 15.1% of GDP in 2009. The following year the country was on the verge of bankruptcy and was forced to borrow from other EU countries and the International Monetary Fund. Loans of up to €86 billion were provisioned for in July 2015. The government raised taxes and cut spending, including public sector pay as part of an austerity drive.
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