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EU Sees 12 Govts On Track To Meet Deficit Targets

Wall Street Journal - Jun 15, 2010

The European Commission Tuesday said Germany, Spain, Portugal and nine other European Union governments are on track to meet their budget deficit targets for 2010.

The commission, the EU's executive arm, also sought reviews of Finland, Denmark and Cyprus for breaking the 27-nation bloc's budget rules, which call for countries to keep their deficits below 3% of gross domestic product.

The commission is also likely to find that Bulgaria is violating deficit limits once the EU sorts out irregularities with the country's official statistics, European Economic and Monetary Affairs Commissioner Olli Rehn said at a press conference Tuesday.

The economic stimulus plans pursued by EU governments over the past year have swelled most of their budget deficits above the 3%-of-GDP limit. The commission previously said the budget rules allow national governments to exceed this limit temporarily to cope with economic emergencies, and it has extended deadlines for fixing shortfalls when it became clear that the economic crisis would make meeting them impossible.

Read Full Article from Wall Street Journal

- Posted: 2010-06-15 13:08:19

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