Debt-ridden Greece narrowly missed being slapped on the wrist on Feb. 3 after the European Commission approved the country’s plan to bring its deficit problems under control. In 2009, Greek reported Europe’s largest budget deficit (12.7% of GDP), but now reckons it can lower the figure to a mere 2.8% by 2012. To meet the target, the country’s prime minister, George Papandreou, has unveiled ambitious belt-tightening, ranging from a freeze in government workers’ pay to tax hikes on gas and alcohol purchases.