EU Commission clears Greek budget, says country needs to accelerate reforms

The European Union's executive on Wednesday approved Greece's first post-bailout budget, but said the country had to remain vigilant and accelerate reforms.

The European Commission said it had adopted its first report for Greece under an enhanced surveillance framework put in place after the concusion of its bailout program in August.

It said it concluded that the draft budgetary plan Greece presented for 2019 ensured compliance with its commitment to achieve a primary surplus of 3.5 percent of GDP.

"Progress with reforms in other areas is found to be mixed and the authorities will need to accelerate implementation to meet their objectives," the Commission said in a statement. [Reuters]