council decis juli exist excess deficit greec ec council european union regard treati establish european commun articl thereof regard recommend commiss regard observ made greec articl treati member state avoid excess govern deficit stabil growth pact base object sound govern financ mean strengthen condit price stabil strong sustain growth conduc employ creation excess deficit procedur articl decis exist excess deficit protocol excess deficit procedur annex treati set provis relat implement excess deficit procedur council regul ec novemb applic protocol excess deficit procedur annex treati establish european commun lai detail rule definit applic provis protocol articl treati requir commiss address opinion council commiss consid excess deficit member state exist occur commiss address opinion greec council june examin relev factor account report accord articl regard opinion econom financi committe accord articl commiss conclud opinion june exist excess deficit greec articl treati lai council observ member state concern make decid assess excess deficit exist assess lead conclus gener govern deficit reach gdp greec breach gdp treati refer result sens stabil growth pact unusu event control greek author result sever econom downturn contrari occur context strong econom growth posit output gap gdp outturn gener govern deficit compar target deficit gdp set decemb updat stabil programm commiss signific slippag attribut extraordinari factor overrun expenditur relat prepar olymp game compens weather damag higher plan current spend social transfer public sector wage shortfal revenu vat incom tax reclassif financi transact payment save postal bank govern spring forecast base assumpt polici chang deficit figur gdp notifi end march commiss project gener govern deficit greec reach gdp debt gdp ratio reach gdp refer treati spring forecast commiss project debt ratio declin margin gdp gdp report greek author high level govern debt slow pace reduct concern period high nomin growth posit widen output gap present qualiti public financ data remain uncertain deficit figur gdp notif compar deficit gdp notifi earli march modifi gdp end month govern initi reach audit public financ open issu remain underli data greek author commit resolv pend issu promptli close collabor eurostat eurostat valid figur notif firm indic signific deficit upward revis earlier year customari notif made septemb revis expect upward impact deficit figur adopt decis articl assess excess deficit exist greec articl decis address hellen republ brussel juli council presid zalm oj regul amend commiss regul ec oj