Greece to exit EU's excessive deficit procedure

After eight years, Greece emerged on Wednesday from the European Commission's process for countries with excessive deficit.

The Commission proposed Greece's exit from the process as its general government debt has dropped below the threshold of 3 percent of gross domestic product. This is a largely symbolic move, but it does have some significance given that the government is planning to return to the bond markets for the first time since 2014.

Economic Affairs Commissioner Pierre Moscovici gave a wink to the markets on Wednesday, saying that the disbursement of the tranche of 7.7 billion euros on Monday and the decision on the deficit is "good news that the markets ought to read," even though he explained that what the investors do is not up to him.

Commission Vice President Valdis Dombrovskis called on Greece to capitalize on its achievements and continue to...