UPDATE 1-EU's Almunia: Greece is common concern for euro zone

(Updates with quotes, details)

STRASBOURG, France Feb 9 (Reuters) - Greek financial problems are a common concern for the euro zone, the European Union's top monetary official said on Tuesday.

"The difficult situation in Greece is a matter of common concern for the euro area ... There is serious risk of spillover to other parts of the euro area," Economic and Monetary Affairs Commissioner Joaquin Almunia told the European Parliament.

He said the executive European Commission fully supported Greece's fiscal programme, which envisages cutting the country's budget deficit to below the EU cap of 3 percent of gross domestic product in 2012 from last year's 12.7 percent.

But the plan carried risks, such as worse economic growth than expected or insufficient tax revenues, so the Greek government must be ready for additional fiscal cuts.

"There are risks to the programme targets ... the macroeconomic scenario is rather optimistic," he said.

He said that to regain economic competitiveness, Greece must pass an ambitious package of structural reforms including those on the pension and health care systems, and make its labour market more flexible. (Writing by Marcin Grajewski, editing by Dale Hudson)