EU Opens Excessive Deficit Procedure against Bulgaria

EU Opens Excessive Deficit Procedure against Bulgaria

The European Union Economic and Financial Affairs Council opened excessive deficit procedures against four countries, including Bulgaria, it said on Tuesday."According to the data notified by the Member States concerned, the 3.0 % bar was effectively exceeded by Bulgaria and Cyprus in 2009 and is expected to be exceeded by Denmark and Finland in 2010," the Council said in a statement following its regular meeting.It recommended that all countries should bring their deficits back below the 3.0 % of GDP threshold without elaborating on the timeframe. The European Commission, however, said last week this should happen by 2011.

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