EU welcomes Greek budget cut

The European Commission has welcomed Greece's austerity plan. President Jose Manuel Barroso said Greece could count on EU solidarity.

Jose Manuel Barroso, European Commission President, said, "The commission considers that correcting imbalances and restoring competitiveness is essential to put Greece back on a sustainable path. The commission fully supports Greece in this endeavor. The measures announced today provide a strong signal of the readiness of the Greek government to proceed in this courageous decision."

European Commission President Jose Manuel Barroso gestures as he holds a news conference at the EC headquarters in Brussels March 3, 2010. REUTERS/Yves Herman