L 113/8 Official Journal of the European Union 25.4.2012 DECISIONS COUNCIL DECISION of 13 March 2012 amending Decision 2011/734/EU addressed to Greece with a view to reinforcing and deepening fiscal surveillance and giving notice to Greece to take measures for the deficit reduction judged necessary to remedy the situation of excessive deficit (2012/211/EV) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 126(9) and Article 136 thereof, Having regard to the recommendation from the European (6) Economic activity in 2011-2014 is currently estimated and projected to be much weaker than had been expected  when  Decisions  2010/320/EU  and 2011/734[EU were adopted. Economic activity is estimated to have contracted in 2011 by 6,9 %. Currently, the Commission forecasts the real Greek GDP to contract by 4,7 % in 2012, and to stagnate in Commission, 2013, before resuming growth of 2,5% in 2014. In nominal terms, GDP contracted by 5,2 % in 2011, and Whereas: is expected to contract by 5,4 % and 0,4 % in 2012 and ’ 2013, respectively, before expanding by 2,5 % in 2014. (1)  Article 136(1)(a) of the Treaty on the Functioning of the European Union (TFEU) foresees the possibility of adopting measures specific to the Member States whose currency is the euro with a view to strengthening the coordination and surveillance of their budgetary disci- pline. ) In February 2012, the Greek government announced measures aimed at reducing the primary deficit in 2012, including the adoption of a supplementary budget. Extensive discussions on these measures have taken place between the Hellenic authorities and the Commission services. These discussions have considered not only the fiscal consolidation measures, but also the () Arti.cle 126 TFEU establishes thaF Member States are to need to enhance the growth-friendly nature of these avoid excessive government deficits and sets out .t.he measures and to minimise any social impact. excessive deficit procedure to that effect. The Stability and Growth Pact, which in its corrective arm implements the excessive deficit procedure, provides the framework (8) In March 2012, Greece launched and executed a debt supporting government policies for a prompt return to exchange operation which substantially reduces the sound budgetary positions taking account of the debt level and interest expenditure in 2012 and in the economic situation. next years, and contributes to the sustainability of government debt. (3) On 27 April 2009, the Council decided, in accordance with  Article 104(6.) of the Treaty establ1§h1ng Fh.e 9) In the light of the above considerations, it appears appro- European  Community (TEC), that an excessive deficit priate to amend Decision 2011/734/EU in a number of existed in Greece. respects, including the fiscal adjustment path, while keeping unchanged the deadline for the correction of (4) On 10 May 2010, the Council adopted Decision the excessive deficit, 2010/320/EU (') addressed to Greece under Article 126(9) and Article 136 TFEU with a view to reinforcing and deepening the fiscal surveillance and giving notice to HAS ADOPTED THIS DECISION: take measures for the deficit reduction judged necessary to remedy the situation of excessive deficit at the latest Artide 1 by 2014. The Council established 2014 as the deadline for correcting the situation of excessive deficit, and Decision 2011/734/EU is hereby amended as follows: annual targets for the government deficit. . ) (1) in Article 1, paragraphs 2 and 3 are replaced by the (5)  Decision 2010/320/EU was substantially amended several following: times. Since further amendments were to be made, it was recast, on 12 July 2011, by Decision 2011/734/EU (3 in the interests of clarity. 2. The adjustment path towards the correction of the excessive deficit shall aim to achieve a general government primary deficit (deficit excluding interest expenditure) not () O] L 145, 11.6.2010, p. 6. 0] exceeding EUR 2 037 million (1,0 % of GDP) in 2012, Q] L 296, 15.11.2011, p. 38.