Greece facing the largest deficit in the European Union, today will be assessed by EU officials as they will face their first credibility test examining how the government of Greece is going to meet their deficit by looking over their tax and spending proposals that officials are being sent to Athens.

Greek bonds fell during December as investors were worried about the widened budget deficit, while there were also worries about Spain and Ireland facing the same problem of a widened budget alongside other parts of Europe. Prime Minister George Papandreou said that his government would do the most it can to narrow the deficit below the EU's 3% ceiling by 2012.