Business

EU to Warn Germany, Other Euro Nations On Deficits

Forbes
UXEMBOURG -- The European Commission said Monday that it will formally warn eight euro zone nations - including Germany, a champion of fiscal prudence_ about ballooning budget gaps that will break EU rules. Germany's budget deficit is expected to reach 3.9 percent of the country's gross domestic product in 2009. The EU expects it to go to 5.9 percent in 2010 - almost double the 3 percent ceiling of the EU's sound budget rules that underpin the stability of the euro.
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Posted by Editor at July 1, 2009 08:20 AM