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The EU is headed for a mountain of debt (Photo: European Community)

European Commission warns states over mounting debt

The European Commission handed out a fresh batch of excessive deficit reports on Wednesday (11 November) and warned EU governments, especially Greece, over failure to tackle rising debt levels.

Nine member states received the reports for the first time, setting out measures and deadlines to bring national deficits below three percent of GDP, a rule laid out under the bloc's Stability and Growth Pact.

At the same time, the EU executive assessed the progress made by five other me...

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The EU is headed for a mountain of debt (Photo: European Community)

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