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EU: Greece on track for 2018 surplus target

EU: Greece on track for 2018 surplus targetEuropean Commission Vice President Valdis Dombrovskis said Greece outperformed its fiscal targets last year and is likely to meet fiscal goals this year, putting it on track to meet its primary surplus target in 2018, Reuters reported on Thursday.

Achieving a budget surplus before debt servicing of 3.5 percent of economic output in 2018 is important because the euro zone may grant Athens further debt relief if Greece attains and keeps this level for several years.

"Greece has substantially outperformed on last year's fiscal targets, is going to meet this year's targets and we need to finalize the work on outstanding measures in 2018," Dombrovskis told reporters before a meeting of euro zone finance ministers.

"We see that Greece is on track to reach its primary surplus target of 3.5 percent of GDP in 2018 and we'll work out for further discussions on what is exactly the fiscal trajectory after 2018 and what potential measures or contingency mechanisms might be needed," he said.

He also said the euro zone still wanted the International Monetary Fund to fully participate in the bailout for Greece, the third since 2010, downplaying reports that - unlike in the previous two programs - the euro zone was now ready to go it alone with Athens.

"We are working in a spirit which expects also continued IMF involvement in the program and this is something which I also acknowledged in May last year. We are working also to see what measures are to ensure full IMF participation," he said.
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