European Debt Crisis

After 8 years of austerity, Greece gets EU budget approval

After eight years of toil by the Greek people, the European Union's executive arm is recommending that Greece be taken off its list of budget offenders, a move it hopes will help the country to start tapping financial markets for money soon.

Wednesday's proposal from the EU Commission to end the so-called "excessive deficit procedure" on Greece comes after a sharp improvement in the country's finances following years of spending cuts and tax increases and a recession that wiped out a quarter of the economy and caused unemployment and poverty to swell.

"This is a very symbolic moment for Greece," said Pierre Moscovici, the EU's top economy official....

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