''During the recent debate in the parliaments of many eurozone member states regarding the approval of the new €130bn loan to Greece, some members questioned whether the country had been ready to participate in the euro at the time of its entry.
In the mid-1990s, Greece made a formidable effort to meet the convergence criteria. It employed all available means: budgetary policy, monetary policy, income policy and extensive privatisation of banks and public enterprises. By any measure of fiscal performance (cash or national accounts), the government deficit fell by 10 percentage points, from 12.5% of GDP in 1993 to 2.5% in 1999, the year whose economic statistics were used by the European Council at Santa Maria da Feira in June 2000 to endorse Greece's eurozone participation.''..
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