Greece has been under "monthly monitoring" since mid-2009 by the Eurogroup of EU finance ministers, a task delegated to Commission officials. They are effectively policing details of the Greek budget, a policy that takes the Europe into hazardous terrain. It is unclear whether any nation will tolerate such an erosion of fiscal sovereignty for long, though everybody is on best behaviour for the time being.
"There is close cooperation with the European Commission to avoid any danger of rejecting our stability programme, something which would be catastrophic," said Greek government spokesman George Petalotis.
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