council opinion februari updat stabil programm greec council european union regard treati establish european commun regard council regul ec juli strengthen surveil budgetari posit surveil ordin econom polici articl thereof regard recommend commiss consult econom financi committe deliv opinion februari council examin updat stabil programm greec cover period updat programm larg compli data requir revis quot code conduct quot content format stabil converg programm updat analysi long term sustain public financ help light previou assess point risk long term imbal budgetari stanc underli updat base maintain high primari surplus programm period consist reduct expenditur ratio acceler declin debt ratio time signific programm public invest expect implement updat project real gdp growth acceler estim deceler averag period expect averag rate growth updat stabil programm employ growth project deceler averag inflat expect declin gradual privat consumpt deflat deceler basi inform macroeconom scenario updat optimist evolut potenti growth medium term reflect favour assumpt contribut capit format context robust demand pressur cost price stronger expect updat put risk control govern expenditur item endang extern competit economi regard govern expenditur item wage bill increas substanti contain come year updat target gener govern deficit gdp expect deficit gdp cyclic adjust term base commiss calcul commonli agre methodolog cyclic adjust deficit remain unchang gdp project headlin deficit gdp balanc cyclic adjust term deficit amount gdp light high debt ratio propos adjust limit balanc quot polici mix quot call stricter stanc fiscal polici effect opportun provid favour growth prospect budgetari target programm provid suffici margin breach deficit threshold normal macroeconom fluctuat programm period risk link macroeconom scenario underestim deficit lack inform envisag measur primari expenditur note lower primari expenditur olymp game reduc deficit plausibl macroeconom budgetari assumpt stabil growth pact medium term object budgetari posit close balanc surplu achiev programm period govern debt ratio project gradual declin gdp gdp develop debt ratio favour project risk deficit outcom neg develop stock flow adjust persist sourc debt accumul recent year basi current polici risk sever budgetari imbal emerg greec futur due ag popul take account high debt ratio budgetari challeng pose ag popul tackl comprehens strategi includ reform pension system econom polici reflect updat fulli consist recommend broad econom polici guidelin specif budgetari implic includ request improv cyclic adjust budget posit gdp year calcul commonli agre methodolog project declin debt ratio subject risk effect control govern current primari expenditur inelast compon wage bill social transfer oj