86/614/EEC: Commission Decision of 16 December 1986 amending Commission Decision 85/594/EEC authorizing Greece to take certain safeguard measures under Article 108 (3) of the EEC Treaty (Only the Greek text is authentic)

COMMISSION  DECISION
of 16 December 1986
amending Commission Decision 85/594/EEC authorizing Greece to take certain safeguard measures under Article 108 (3) of the EEC Treaty
(Only the Greek text is authentic)
(86/614/EEC)
THE COMMISSION OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Economic Community, and in particular Article 108 (3) thereof,
Whereas the Greek economy has experienced a marked deterioration of its balance of payments on current account, particularly since the beginning of 1985;
Whereas the various measures taken by the Greek Government as part of their economic stabilization programme have begun to have the effects forecast, but this programme is not yet complete nor has it yet fully achieved its objectives;
Whereas on 30 October 1985 the Commission, having examined the Greek economic situation in the light of Article 108 (1) of the Treaty and the measures already taken by Greece in accordance with Article 104 of the Treaty, addressed a recommendation to the Member State in question pursuant to Article 108 (1) of the Treaty;
Whereas, given the extent of these difficulties in Greece and the urgency with which measures required to be taken to remedy the situation, neither the measures recommended to Greece under Article 108 (1) nor the Commission support granted appeared adequate, as they were not fully effective in the short term nor sufficient to guarantee the rapid recovery of the Greek balance of payments;
Whereas the Commission did not recommend to the Council the granting of mutual assistance;
Whereas the Commission pursuant to Article 108 (3) of the Treaty therefore authorized by Decision 85/594/EEC (1) the application of appropriate protective measures;
Whereas, under Article 7 of Decision 85/594/EEC, Greece was authorized to continue to grand until 31 December 1986 the export aid referred to in Decision 1574/70 of the Greek Monetary Committee, as amended by Decision 350/82, making payments to exporting firms on the basis of the value added on exportation;
Whereas the improvement in the Greek economic situation justifies a reduction in the level of export subsidies but the improvement is not such as to permit their immediate elimination but their phasing out over a period of time linked to the expected further improvement of the Greek economic situation;
Whereas the operation of this export subsidy system has to be considered not only in its overall operation but also in its sectoral application and the effects of such application on other Member States;
Whereas under Article 9 (3) of Decision 85/594/EEC the Commission reserved the right to amend or repeal all or any part of this Decision after consulting the Member State concerned, particularly if it finds that the circumstances which led to its adoption have changed or that its effects are more, restrictive than they need to be in order to achieve their objectives,