Open

Coming up

Don't miss

Replay


LATEST SHOWS

TALKING EUROPE

Nigel Farage, Leader of the UK Independence Party

Read more

TALKING EUROPE

Endocrine disruptors: Is the EU doing enough to protect its citizens' health?

Read more

WEB NEWS

Israelis taking bomb shelter selfies

Read more

THE INTERVIEW

Pavlo Klimkin, Ukrainian Foreign Minister

Read more

THE INTERVIEW

Raed Fahmi, former Iraqi Minister of Science and Technology

Read more

IN THE PAPERS

Germany's World Cup title

Read more

FASHION

Paris, Haute Couture Fall/Winter 2014-2015

Read more

BUSINESS DAILY

Farnborough air show takes off but F-35 jet is grounded

Read more

IN THE PAPERS

Bastille Day celebrations

Read more

  • Boules and booze: Bastille Day à la New Yorkaise

    Read more

  • In pictures: 2014 World Cup historic moments

    Read more

  • Kremlin mulls 'retaliatory strikes' after death of Russian civilian

    Read more

  • France commemorates WWI centenary on Bastille Day

    Read more

  • Paris’s Bastille Day fireworks ‘a homage to victims’ of WWI

    Read more

  • Shipwrecked Costa Concordia successfully refloated

    Read more

  • Germany defeat Argentina 1-0 to win fourth World Cup title

    Read more

  • Senegal honours the soldiers who fought for France in WWI

    Read more

  • Clashes erupt in Paris as thousands march to support Palestinians

    Read more

  • Thousands flee northern Gaza after Israeli warning

    Read more

  • Major differences remain as deadline looms in Iran nuclear talks

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • French military to extend Mali 'counterterrorism' operations into Sahel

    Read more

Business Europe

EU to tackle swelling budget deficits in six states

©

Video by Fiona CAMERON

Latest update : 2009-02-19

The European Commission will consider six cases of deficit overrun, including France, as the economic crisis takes it toll on public coffers. The EU's executive arm said it would use the "full flexibility" available due to the exceptional situation.

AFP - The European Commission on Wednesday took the first move to tackle swelling budget deficits in six EU states, including France, Ireland and Spain, as the economic crisis takes it toll on public coffers.

But the EU executive arm said it would use the "full flexibility" available to consider the six cases of deficit overrun due to the "exceptional circumstances" engendered by the US-born crisis that has hit bank lending and consumer spending, putting jobs and businesses at risk.

France, Greece, Ireland, Latvia, Malta and Spain were named as the countries that have failed to keep their public deficits to under three percent of gross domestic product in 2008 as required by the EU's Stability and Growth Pact.

Therefore the Commission "adopted excessive deficit reports" on each of the six, the first move toward seeking more fiscal rigour with the threat of penalties for laggards.

Date created : 2009-02-18

Comments

COMMENT(S)