Brussels asks Athens to curb spending next year
The European Commission recommended on Wednesday that Greece curb the rise of net expenditures in its individual member country recommendations in socioeconomic policy in 2025, in the context of the European Semester.
EU member-states are called to incorporate the Commission’s recommendations in their draft state budgets for 2025. Their multi-year fiscal plans, which will be reviewed by the Commission and the Council of the European Union, should be sent by the start of October. It is noted that seven member-states, including France, Italy and Spain, have entered the excessive deficit procedure.
For Greece, the Commission recommends inter alia that it assume action in 2024 and 2025 in order to submit the medium-term fiscal and structural plan within deadline.
According to the demands of the reformed Stability and Growth Pact, it said, Greece should curb the rise of its net expenditures in 2025 at a rate that is compatible with the placement of the general government debt on a reasonable downward path and the maintenance of the general government deficit below 3%.
