The Eurogroup Council expressed satisfaction with progress in Greece's stability program, the substantial reduction of the fiscal deficit achieved in 2010, and over Eurostat's full validation of the Greek fiscal statistics, in a statement issued late Tuesday in Brussels, which also pointed out the need for reduction of state spending in 2011.

In reference to the Eurogroup statement on the situation in Greece, the group president Jean-Claude Juncker noted the Greek government's strong tommitment to take the necessary additional measures in the context of the 2011 budget, so that next year the ambitious target of containing the fiscal deficit at 17 billion euros will be achieved.

He said that the Greek government must clarify the final details of the additional measures and include them in the 2011 budget and in the revised Memorandum, and stressed the need for further reduction of state spending and for accelerating the structural reforms, particularly in the areas of taxation, job markets, the business environment and public administration.

Juncker further noted the significant progress made, stressing that Greece is on track, but that the fiscal effort must continue in 2011 so that it will remain on track.

Below is the full text of the Eurogroup statement on the situation in Greece, issued on Tuesday. Separate statements were also issued on the situation in Ireland and Portugal.