The European commission took the first step towards starting excessive deficit procedures against six countries on Wednesday (18 February) when it issued its analysis of member state budgetary forecasts submitted last month.
The six states - Ireland, Greece, Spain, France, Latvia and Malta - all reported a 2008 budget deficit exceeding the 3 per cent of national GDP permitted under the Stability and Growth Pact, which underpins public finance stability within the EU.
The other 1...
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