Eu: greece must do more to receive billions in aid

Eu: greece must do more to receive billions in aid

This was reported by the EU authority on wednesday in brussels during the assessment of the national budget plans of the EU states. So in the coming months, additional savings steps had to be taken for the next and the following year.

In view of the renewed debt and banking crisis in the euro zone, the commission wrote that the economy must get going in the short term. Savings must continue, but not excessively at the expense of growth.

On spain, shaken by a banking crisis, the brussel watchmen reported, the regions of the country had to put their budgets in order. "The banking sector remains fragile due to high levels of private and public debt."EU commission president jose manuel barroso and european commissioner olli rehn were due to appear before the media in the early afternoon. Spanish media speculated that, in view of the crisis, the commission could give madrid a year longer – until 2014 – to bring the deficit below the 3 percent of economic output mark.

The report on greece states: "the risks of implementation will remain very high. The success of the second aid program depends above all on greece." Political uncertainty in greece – for the 17. New elections are planned for june – also weighs on the 130 billion euro program.

According to the commission, it is not yet clear whether the "troika" experts will be able to review the books in athens as planned at the end of june/beginning of july. Without a green light from the troika, no new aid money can be disbursed.