Greek Prime Minister George Papandreou mentioned that the austerity measures adopted by his government are capable of regaining investor's confidence. EU officials said Greece is on the right track towards reducing the budget deficit to 8.1% this year from 13.6%. The Greek program gained recognition from EU officials who along with the IMF announced 110 billion euros aid package for Greece to tame the second largest deficit in the EU.

It is worth noting, Papandreou announced wage and spending reductions as well as tax increases to bring the deficit back to the EU ceiling of 3% by 2014.