Jean-Claude Juncker, President of the 16 countries that have adopted the euro as their single currency, on Sunday said that the measures tabled by the Greek government to stave off further increase in the government's debt are "absolutely necessary."
Speaking in French at a press conference that followed Sunday's meeting in Brussels of EU finance ministers, Juncker said that the package seeks to restore the Greek deficit to 3 percent of GDP by the year 2014. Because of the package, the Greek deficit is seen at about 11 percent of GDP between 2010 and 2014, compared to projections of 13 percent before the package was announced.
