Greek budget under EU spotlight today

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Greece's draft budget including the introduction of positive measures to deter any possible pension cuts will be discussed at todays Eurogroup Working Group meeting in Brussels.

According to greek news agency ANA, it is been reported that the European Commission and the Greek authorities have concluded the discussions on Greece's fiscal room which is estimated at around 900 million euros.

The outcome of the consultations between Greek authorities and the Commission is expected to be announced later in the day to Eurozone Finance Ministry Officials at the EuroWorking Group that will convene ahead of Monday's Eurogroup.

In view of the meeting, European sources involved in the process expressed their optimism that an agreement will be reached at the eurozone level amid recent positive signals by Berlin.

The Eurogroup Working Group is a preparatory body composed of representatives of the euro area member states of the Economic and Financial Committee, the European Commission and the European Central Bank.

It provides assistance to both the Eurogroup and its President in preparing ministers' discussions.

The group usually meets once a month ahead of Eurogroup meetings.