European capitals are likely to continue running high deficits in 2010, but the following year should see a "very substantial" reduction in countries' debt burden, the European Commission has suggested in a strategy document for EU finance ministers.
"Considering the fragility of the recovery, no consolidation is advocated on aggregate in 2010, as the planned stimulus measures should still be implemented and government revenues remain subdued," reads the paper prepared for a ministeria...
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