The European Council announced that the closure of the excessive deficit procedure for Greece after eight years, in a decision taken at a meeting of the General Affairs Council on Monday. According to the announcement, Greece’s finances have stabilised, leading the Council to repeal its 2009 decision about the existence of an excessive deficit.
“The Council has closed the excessive deficit procedure for Greece. It confirmed that the country’s deficit is now below 3% of GDP, the EU’s reference value for government deficits. On 25 September 2017, the Council repealed its 2009 decision on the existence of an excessive deficit,” the announcement said.