(17) Each measure required by Council Implementing Decision (EU) 2016/544 is instrumental in achieving the required budgetary adjustment. Some measures have a direct impact on the budgetary situation of Greece while the others are structural measures that will result in improved fiscal governance and a sounder budgetary situation in the medium term.
(18) In light of the above considerations, it appears necessary to revise the previous annual budgetary targets and the measures conducive to those targets. The new annual budgetary targets and measures conducive to those targets are those contained in Council Implementing Decision (EU) 2016/544,
HAS ADOPTED THIS DECISION:
Article 1
1. Greece shall put an end to the present excessive deficit situation as rapidly as possible, and at the latest, by 2017.
2. The adjustment path towards the correction of the excessive deficit shall aim to meet the annual general-government-deficit targets, as laid down in Council Implementing Decision (EU) 2016/544 and will be based on primary surplus targets of – 0,25, 0,5, 1,75, and 3,5 % of GDP in 2015, 2016, 2017 and 2018 and beyond, respectively. The trajectory of the fiscal targets is consistent with expected growth rates of the Greek economy as it recovers from its deepest recorded recession. The revised path means that the general government budget deficit will fall below 3 % of GDP in 2017.
3. Greece shall adopt and fully implement all fiscal, economic and structural adjustment measures incorporated in the economic and financial adjustment programme as approved by Council Implementing Decision (EU) 2016/544.
4. Greece shall stand ready to adopt further measures if risks to the budgetary plans materialise. Budgetary consolidation measures shall secure a lasting improvement in the general government structural balance in a growth-friendly manner.
Article 2
This Decision shall take effect on the day of its notification.
Article 3
This Decision is addressed to the Hellenic Republic.
Done at Brussels, 19 August 2015.
For the Council
The President
J. ASSELBORN
(1) This act has originally been adopted in English only and published in
OJ L 219, 20.8.2015, p. 8
.
(2)
OJ L 145, 11.6.2010, p. 6
.
(3)
OJ L 296, 15.11.2011, p. 38
.
(4) Council Decision 2011/791/EU of 8 November 2011 (
OJ L 320, 3.12.2011, p. 28
), Council Decision 2012/211/EU of 13 March 2012 (
OJ L 113, 25.4.2012, p. 8
), Council Decision 2013/6/EU of 4 December 2012 (
OJ L 4, 9.1.2013, p. 40
).
(5)
OJ L 140, 27.5.2013, p. 1
.
(6) See page 27 of this Official Journal.
(7)
OJ L 209, 2.8.1997, p. 6
.
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