The EU commissioner of Economic Affairs Olli Rehn said that the recession in Greece is much greater than expected. According to many, recession in Greece in the year 2010 will be 4% of GDP while in 2011 it will come down to 2.6% of the GDP. The commissioner mentioned that the recession be higher since Greece requires additional reforms worth 2.5% of GDP during the first 2 years of financial adjustment. It is expected that by 2012 end, the Greek economy will start to improve.

Olli Rehn also praised the EU and IMF program and stated that the program will help Greece to stabilize its economy.

Moreover, all EU countries have agreed on the loan to Greece and according to the commissioner 110 billion Euros will be enough for Greece’s economy to come back on track. Apparently there have been demonstrations by citizens against the government economic reforms in Greece. France and German governments have both shown their support to the Greek government.

It is very important for all of Europe to support Greece especially when they use a common currency. An improved Greek economy will be a favorable step for all economies around the world.