Greece prepares for facing EU lashes

Greek officials are bracing for a European Union grilling next week over faulty national statistics as the country awaits approval of a national crisis plan on its debt-hit economy.

European finance ministers on Tuesday are to tell Athens to clean up its accounting practices and improve the administration of key institutions, according to a draft statement.

The commission last week published a damning report on Greece’s “unreliable” economic figures, increasing chances the EU executive will launch infringement proceedings against the country in the near future.

Recession-mired Greece has a public spending deficit that rose to 12.7 percent of output last year, far above the 3.0 percent ceiling permitted to countries sharing the euro.
It is also saddled with a debt constituting 113 percent of gross domestic product (GDP), which last month prompted the leading rating agencies to downgrade the country’s credit standing.

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