Both congratulations and harsh recommendations were included in the European Commission report on the financial orientation of the EU member-states, which is expected to be approved and published today.

Although the Commission appreciated that Greece significantly progressed as far as achieving many of the Lisbon goals is concerned, however it has located many an “Achilles heel”. According to the report, Greece, and certain other member-states, is behind in macroeconomic reform.

It is appreciated that the Commission will express recommendations for the acceleration of structural changes in Greece for fiscal discipline and further strengthening competitiveness, while it expressed its concern regarding the burdening of the deficit due to the cost of the Olympics and the social package.

Furthermore, the Commission is expected the need to better control primary expenses and to sound the alarm concerning the securities program, which has a limited viability. The labor market will also be scrutinized by the Commission, especially as far as part-time employment is concerned.