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Greece Improves Absorption of EU Funds

Greece has made "striking improvements" in absorbing European Union structural funds in its attempts to get the economy on a growth path, according to a European Commission report.

Of the 20 billion euros of EU funds available to Greece, 67.5% had been absorbed by the end of September, compared with 49% at the end of 2012, the European Commission Task Force for Greece, headed by Horst Reichenbach, said in a report on Tuesday.

The task force, which is giving Greece technical assistance in economy and public administration issues, noted that EU clearance is expected in the coming weeks on financial support for four highway projects, jointly worth7.6 billion euros. Works have been suspended for three years due to Greece's economic crisis.

In terms of tax reform, the task force noted "signs of increased efficiency in the tax administration."