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Deficits: four new countries default
 Le 4 june 2009
The European Commission has opened four new excessive deficit procedures: against Poland, Romania, Lithuania and Malta. The aim of excessive deficit procedures is to put pressure on the Governments in question to rein their deficits in to the maximum limit accepted by the European Union. The four countries have exceeded the 3% fixed by the European Stability Pact. In 2008, the public deficit reached 3.2% in Lithuania, 4.7% in Malta, 3.9% in Poland and 5.4% in Romania, according to data issued by the European Commission. In June, the EcoFin Council is to publish the deadlines set to remedy this overspending.
The European Union recently also opened procedures against France, Spain, Ireland and Greece. Brussels has given France and Spain until 2012 to bring their public deficit under the authorised 3% and has asked Greece to comply by 2010. Ireland, one of the European countries most affected by the recession has been given until 2013. The date by which the United Kingdom must bring its deficit back to less than 3% of its GDP has been extended from April 2010 to April 2014.
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| LAST ISSUE |
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Commerce International - September 2010
No 66
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English 
