Greece should cut public spending by four billion euro according to the European Union. Tax receipts are down and the objective is to bring the deficit down to 8% of GDP. “Fiscal measures adopted by Greece appear sufficient to reach the objective of containing the 2010 deficit,” said the EU Commission, “but total spending is four billion higher than is needed to face the fall in receipts and postponement in funding in the public sector.” Athens has planned public spending of 77.073 billion euro in 2010, with a cut of 5.3% compared to last year. Savings are expected to be 58.382 billion.