Luxembourg, 12/04/2005 (Agence Europe) - EU ministers of finance congratulated Greece on Wednesday for its updated stability programme, which according to an Ecofin Council declaration, “presents significant budgetary adjustments”. Engagements undertaken by Athens therefore respond to the demands formulated in the warning, adopted in February, and do not call for any new excessive debt procedures (EUROPE 8891). The Council is pleased with the rigorous application of the 2005 budget included in the document and by the supplementary structural measures announced by the Greek government in March and which should enable the deficit to be brought below the 3% ceiling in 2006. These measures include an increase in indirect taxes of a permanent nature (VAT and excise duties). The Greek minister informed his counterparts that he was ready to take additional measures on spending but provided assurances that these had already been taken and would be visible in the second half of the year. The minister informed EUROPE that discussions with Eurostat on calculating certain spending, such as Community funds, had not posed any “serious problem” and that they were expected to be concluded soon. In his opinion, the Council is also recommending that in 2007 Greece begins to reduce its deficit structurally by 0.5%.