SEC(2007)620 - Abrogation of Decision 2004/917/EC on the existence of an excessive deficit in Greece

official title

 

Legal instrument	Recommendation
reference by COM-number107	SEC(2007)620
Additional COM-numbers	SEC(2007)620
CELEX number110	52007SC0620

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• 1. 

  OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p. 1).
  
   
• 2. 

  OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p. 1).
  
   
• 3. 

  The most recent notification of Greece can be found at:
  
   
• 4. 

  SEC(2004) 623. Figures on general government deficit and general government gross debt for 2003 were revised on several occasions (see box). According to the most recent data, the deficit and debt in 2003 represented 6.2% of GDP and 107.8% of GDP respectively.
  
   
• 5. 

  OJ L 389, 30.12.2004, p. 25.
  
   
• 6. 

  All EDP-related documents for Greece can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
  
   
• 7. 

  OJ L 107, 28.4.2005, p. 24.
  
   
• 8. 

  OJ L 153, 16.6.2005, p. 29.
  
   
• 9. 

  OJ L 107, 28.4.2005, p. 24.
  
   
• 10. 

  OJ L 107, 28.4.2005, p. 24.
  
   
• 11. 

  OJ L 153, 16.6.2005, p. 29.
  
   
• 12. 

  SEC(2005) 443.
  
   
• 13. 

  SEC(2005) 443.
  
   
• 14. 

  SEC(2005) 443.
  
   
• 15. 

  In ESA95, swaps are contractual arrangements between two parties who agree to exchange, over time and according to predetermined rules, streams of payment of the same amount of indebtedness. The most prevalent varieties are interest rate swaps, foreign exchange swaps and currency swaps (also named cross-currency interest swaps). None of the resulting payments is considered as property income and all settlements are to be recorded in the financial account.
  
   
• 16. 

  Eurostat News Release No 55/2007 of 23 April 2007.
  
   
• 17. 

  GDP in this document refers to the unrevised GDP series provided by the Greek authorities as an annex to the EDP notification of April 2007 and not to the 'revised' GDP data reported by the Greek authorities in October 2006, which could lead to an upward revision of nominal GDP by around 26% per year since 2000. Given the magnitude and complexity of the revision, it is still subject to examination by Eurostat.
  
   
• 18. 

  SEC(2005) 443.
  
   
• 19. 

  In ESA95, swaps are contractual arrangements between two parties who agree to exchange, over time and according to predetermined rules, streams of payment of the same amount of indebtedness. The most prevalent varieties are interest rate swaps, foreign exchange swaps and currency swaps (also named cross-currency interest swaps). None of the resulting payments is considered as property income and all settlements are to be recorded in the financial account.
  
   
• 20. 

  SEC(2005) 443.
  
   
• 21. 

  In September 2006 the Greek authorities notified a 26% upward revision of nominal GDP figures. This revision could mean that the denominator effect of a higher GDP could reduce the deficit just below 2%. However, according to preliminary estimates, the concomitant revision of the gross national income could lead to a permanent increase of Greece's contribution to the EU budget of less than
   
• 22. 

  These measures were ratified in the EDP report of 30 April 2007 submitted by Greece in compliance with the Council Recommendation under Article 104(9).
  
   
• 23. 

  SEC(2005) 443.
  
   
• 24. 

  OJ C 70, 27.3.2007, p. 9.
  
   
• 25. 

  The Greek Minister of Finance publicly announced on 24 April that the Greek government had decided to shift the deadline to achieve a MTO of a budget in balance or in surplus from 2012 to 2010, thus two years earlier than planned in the December 2006 Update of the Greek Stability and Growth Program. This engagement was ratified in the in the EDP report of 30 April 2007 submitted by Greece in compliance with the Council Recommendation under Article 104(9).
  
   
• 26. 

  This amount is to be paid in ten annual instalments.
  
   
• 27. 

  See Eurostat note on
   
• 28. 

  See also European Commission, Public Finances in EMU
   
• 29. 

  Eurostat News Release No 117/2004.
  
   
• 30. 

  Eurostat News Releases No 39/2005, 120/2005 and 48/2006.
  
   
• 31. 

  Methodological visits were established by Articles 8d and 8e of Council Regulation (EC) No 3605/93. These visits
   
• 32. 

  Eurostat News Release No 139/2006.
  
   
• 33. 

  OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p. 5).
  
   
• 34. 

  OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p. 5).
  
   
• 35. 

  SEC(2004) 623. Figures on general government deficit and general government gross debt for 2003 were revised on several occasions (see box). According to the most recent data, the deficit and debt in 2003 represented 6.2% of GDP and 107.8% of GDP respectively.
  
   
• 36. 

  OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p. 1).
  
   
• 37. 

  The most recent notification of Greece can be found at:
  
   
• 38. 

  SEC(2004) 623. Figures on general government deficit and general government gross debt for 2003 were revised on several occasions (see box). According to the most recent data, the deficit and debt in 2003 represented 6.2% of GDP and 107.8% of GDP respectively.
  
   
• 39. 

  In ESA95, swaps are contractual arrangements between two parties who agree to exchange, over time and according to predetermined rules, streams of payment of the same amount of indebtedness. The most prevalent varieties are interest rate swaps, foreign exchange swaps and currency swaps (also named cross-currency interest swaps). None of the resulting payments is considered as property income and all settlements are to be recorded in the financial account.
  
   
• 40. 

  OJ L 389, 30.12.2004, p. 25.
  
   
• 41. 

  All EDP-related documents for Greece can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
  
   
• 42. 

  Figures on general government deficit and general government gross debt for 2003 were revised on several occasions. According to the most recent data, the deficit and debt represented 6.2% of GDP and 107.8% of GDP respectively.
  
   
• 43. 

  OJ L 107, 28.4.2005, p. 24.
  
   
• 44. 

  SEC(2004) 623. Figures on general government deficit and general government gross debt for 2003 were revised on several occasions (see box). According to the most recent data, the deficit and debt in 2003 represented 6.2% of GDP and 107.8% of GDP respectively.
  
   
• 45. 

  OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p. 5).
  
   
• 46. 

  OJ L 153, 16.6.2005, p. 29.
  
   
• 47. 

  OJ L 107, 28.4.2005, p. 24.
  
   
• 48. 

  OJ L 153, 16.6.2005, p. 29.
  
   
• 49. 

  SEC(2005) 443.
  
   
• 50. 

  In ESA95, swaps are contractual arrangements between two parties who agree to exchange, over time and according to predetermined rules, streams of payment of the same amount of indebtedness. The most prevalent varieties are interest rate swaps, foreign exchange swaps and currency swaps (also named cross-currency interest swaps). None of the resulting payments is considered as property income and all settlements are to be recorded in the financial account.
  
   
• 51. 

  OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p. 1).
  
   
• 52. 

  OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p. 5).
  
   
• 53. 

  GDP in this decision refers to the unrevised GDP series and not to the 'revised' GDP data reported by the Greek authorities in October 2006 and April 2007.
  
   
• 54. 

  OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p.
  
  1).
  
   
• 55. 

  OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p.
  
  1).
  
   
• 56. 

  The most recent notification of Greece can be found at:
  
   
• 57. 

  SEC(2004) 623. Figures on general government deficit and general government gross debt for 2003 were revised on several occasions (see box). According to the most recent data, the deficit and debt in 2003 represented 6.2% of GDP and 107.8% of GDP respectively.
  
   
• 58. 

  OJ L 389, 30.12.2004, p. 25.
  
   
• 59. 

  All EDP-related documents for Greece can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
  
   
• 60. 

  OJ L 107, 28.4.2005, p. 24.
  
   
• 61. 

  OJ L 153, 16.6.2005, p. 29.
  
   
• 62. 

  OJ L 107, 28.4.2005, p. 24.
  
   
• 63. 

  OJ L 107, 28.4.2005, p. 24.
  
   
• 64. 

  OJ L 153, 16.6.2005, p. 29.
  
   
• 65. 

  SEC(2005) 443.
  
   
• 66. 

  SEC(2005) 443.
  
   
• 67. 

  SEC(2005) 443.
  
   
• 68. 

  In ESA95, swaps are contractual arrangements between two parties who agree to exchange, over time and according to predetermined rules, streams of payment of the same amount of indebtedness. The most prevalent varieties are interest rate swaps, foreign exchange swaps and currency swaps (also named cross-currency interest swaps). None of the resulting payments is considered as property income and all settlements are to be recorded in the financial account.
  
   
• 69. 

  Eurostat News Release No 55/2007 of 23 April 2007.
  
   
• 70. 

  GDP in this document refers to the unrevised GDP series provided by the Greek authorities as an annex to the EDP notification of April 2007 and not to the 'revised' GDP data reported by the Greek authorities in October 2006, which could lead to an upward revision of nominal GDP by around 26% per year since 2000. Given the magnitude and complexity of the revision, it is still subject to examination by Eurostat.
  
   
• 71. 

  SEC(2005) 443.
  
   
• 72. 

  In ESA95, swaps are contractual arrangements between two parties who agree to exchange, over time and according to predetermined rules, streams of payment of the same amount of indebtedness. The most prevalent varieties are interest rate swaps, foreign exchange swaps and currency swaps (also named cross-currency interest swaps). None of the resulting payments is considered as property income and all settlements are to be recorded in the financial account.
  
   
• 73. 

  SEC(2005) 443.
  
   
• 74. 

  In September 2006 the Greek authorities notified a 26% upward revision of nominal GDP figures. This revision could mean that the denominator effect of a higher GDP could reduce the deficit just below 2%. However, according to preliminary estimates, the concomitant revision of the gross national income could lead to a permanent increase of Greece's contribution to the EU budget of less than
   
• 75. 

  These measures were ratified in the EDP report of 30 April 2007 submitted by Greece in compliance with the Council Recommendation under Article 104(9).
  
   
• 76. 

  SEC(2005) 443.
  
   
• 77. 

  OJ C 70, 27.3.2007, p. 9.
  
   
• 78. 

  The Greek Minister of Finance publicly announced on 24 April that the Greek government had decided to shift the deadline to achieve a MTO of a budget in balance or in surplus from 2012 to 2010, thus two years earlier than planned in the December 2006 Update of the Greek Stability and Growth Program. This engagement was ratified in the in the EDP report of 30 April 2007 submitted by Greece in compliance with the Council Recommendation under Article 104(9).
  
   
• 79. 

  This amount is to be paid in ten annual instalments.
  
   
• 80. 

  See Eurostat note on
   
• 81. 

  See also European Commission, Public Finances in EMU
   
• 82. 

  Eurostat News Release No 117/2004.
  
   
• 83. 

  Eurostat News Releases No 39/2005, 120/2005 and 48/2006.
  
   
• 84. 

  Methodological visits were established by Articles 8d and 8e of Council Regulation (EC) No 3605/93. These visits
   
• 85. 

  Eurostat News Release No 139/2006.
  
   
• 86. 

  OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p.
  
  5).
  
   
• 87. 

  OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p.
  
  5).
  
   
• 88. 

  SEC(2004) 623. Figures on general government deficit and general government gross debt for 2003 were revised on several occasions (see box). According to the most recent data, the deficit and debt in 2003 represented 6.2% of GDP and 107.8% of GDP respectively.
  
   
• 89. 

  OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p.
  
  1).
  
   
• 90. 

  The most recent notification of Greece can be found at:
  
   
• 91. 

  SEC(2004) 623. Figures on general government deficit and general government gross debt for 2003 were revised on several occasions (see box). According to the most recent data, the deficit and debt in 2003 represented 6.2% of GDP and 107.8% of GDP respectively.
  
   
• 92. 

  In ESA95, swaps are contractual arrangements between two parties who agree to exchange, over time and according to predetermined rules, streams of payment of the same amount of indebtedness. The most prevalent varieties are interest rate swaps, foreign exchange swaps and currency swaps (also named cross-currency interest swaps). None of the resulting payments is considered as property income and all settlements are to be recorded in the financial account.
  
   
• 93. 

  OJ L 389, 30.12.2004, p. 25.
  
   
• 94. 

  All EDP-related documents for Greece can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
  
   
• 95. 

  Figures on general government deficit and general government gross debt for 2003 were revised on several occasions. According to the most recent data, the deficit and debt represented 6.2% of GDP and 107.8% of GDP respectively.
  
   
• 96. 

  OJ L 107, 28.4.2005, p. 24.
  
   
• 97. 

  SEC(2004) 623. Figures on general government deficit and general government gross debt for 2003 were revised on several occasions (see box). According to the most recent data, the deficit and debt in 2003 represented 6.2% of GDP and 107.8% of GDP respectively.
  
   
• 98. 

  OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p.
  
  5).
  
   
• 99. 

  OJ L 153, 16.6.2005, p. 29.
  
   
• 100. 

  OJ L 107, 28.4.2005, p. 24.
  
   
• 101. 

  OJ L 153, 16.6.2005, p. 29.
  
   
• 102. 

  SEC(2005) 443.
  
   
• 103. 

  In ESA95, swaps are contractual arrangements between two parties who agree to exchange, over time and according to predetermined rules, streams of payment of the same amount of indebtedness. The most prevalent varieties are interest rate swaps, foreign exchange swaps and currency swaps (also named cross-currency interest swaps). None of the resulting payments is considered as property income and all settlements are to be recorded in the financial account.
  
   
• 104. 

  OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p.
  
  1).
  
   
• 105. 

  OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p.
  
  5).
  
   
• 106. 

  GDP in this decision refers to the unrevised GDP series and not to the 'revised' GDP data reported by the Greek authorities in October 2006 and April
   
• 107. 

  De Europese Commissie kent nummers toe aan officiële documenten van de Europese Unie. De Commissie maakt onderscheid in een aantal typen documenten door middel van het toekennen van verschillende nummerseries. Het onderscheid is gebaseerd op het soort document en/of de instelling van de Unie van wie het document afkomstig is.
   
• 108. 

  De Raad van de Europese Unie kent aan wetgevingsdossiers een uniek toe. Dit nummer bestaat uit een vijfcijferig volgnummer gevolgd door een schuine streep met de laatste twee cijfers van het jaartal, bijvoorbeeld 12345/00 - een document met nummer 12345 uit het jaar 2000.
   
• 109. 

  Het interinstitutionele nummer is een nummerreeks die binnen de Europese Unie toegekend wordt aan voorstellen voor regelgeving van de Europese Commissie.
  Binnen de Europese Unie worden nog een aantal andere nummerseries gebruikt. Iedere instelling heeft één of meerdere sets documenten met ieder een eigen nummering. Die reeksen komen niet overeen met elkaar of het interinstitutioneel nummer.
   
• 110. 

  Deze databank van de Europese Unie biedt de mogelijkheid de actuele werkzaamheden (workflow) van de Europese instellingen (Europees Parlement, Raad, ESC, Comité van de Regio's, Europese Centrale Bank, Hof van Justitie enz.) te volgen. EURlex volgt alle voorstellen (zoals wetgevende en begrotingsdossiers) en mededelingen van de Commissie, vanaf het moment dat ze aan de Raad of het Europees Parlement worden voorgelegd.
   
• 111. 

  Als dag van bekendmaking van een Europees besluit geldt de dag waarop het besluit in het Publicatieblad wordt bekendgemaakt, en daardoor in alle officiële talen van de Europese Unie bij het Publicatiebureau beschikbaar is.
   
• 112. 

  Recommendations are non-binding acts by which the European Union means to achieve certain ends without imposing a mandatory legal framework. Recommendations may relate to both policies of the EU as well as individual member states.