EU raps Greece over deficit
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The European Union last night started legal action against Athens after it was revealed that a systematic under-reporting of Greece&#39;s budget deficit should have ruled the country out of joining the single currency.
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A group of Greeks seeking compensation from Germany for a 1943 Nazi massacre suffered a setback Thursday when the European Union's high court said EU law does not cover the claim.
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Following embarrassing revelations over Greece's budget data, the European Union expressed alarm at the reliability of Italy's own deficit figures and called for urgent clarification.
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The European Commission sets aside 1bn euros as it seeks more leverage over ex-Soviet and Mediterranean countries.
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Squeezed by a swelling public deficit and debt following last month's costly Athens Olympics, the Greek government said it would cut defence spending and boost revenue by 1.5 billion euros (1.84 billion dollars) in privatisation receipts.
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An EU commissioner issues a strongly-worded warning to Macedonia over its ambitions to join the EU.
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NICOSIA, Cyprus It used to be that European politicians could count on Greece to stand in the way of Turkey&#39;s aspirations to join the European Union.
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European Union officials kept up pressure Tuesday on the United States to curb its deficits to help bolster the sagging dollar amid fears a strengthening euro would stifle Europe's fledgling economic recovery.
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Chancellor Gerhard Schr der is pushing for the EU's stability and growth pact to take into account states' contributions to the EU budget in calculating their deficits.
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The Athens Olympics will cost a total of  almost 10 billion euros ($12.1 billion), more than double the  original target, pushing Greece's budget gap well above EU  limits, finance ministry sources said on Wednesday.
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Prime Minister Costas Karamanlis, flanked by Deputy Foreign Minister Yiannis Valinakis (l) and government spokesman Theodoros Roussopoulos, addresses a press conference in Brussels yesterday after an informal EU summit.
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GREECE fiddled its way into the European single currency and should not have been allowed to join, according to the European Commission and other members of the euro.
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BRUSSELS, Belgiumââ A top European Union official urged the United States on Monday to curb its deficits to help bolster the sagging dollar amid fears a strengthening euro would stifle EuropeÂ´s fledgling economic recovery.
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The European Union told Italy, France and Germany &#151; the three biggest economies in the euro area &#151; Wednesday to do more to bring their budgets in balance as required by the rules of Europe's single currency.
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Prospects for a vibrant eurozone economic recovery took a hammering as France joined Germany in reporting flagging momentum and the EU commission trimmed its growth forecast.
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Britain is &quot;on track&quot; to reduce its public deficit in line with EU rules by an April deadline, but further spending cuts will be needed afterwards, the European Commission has said.
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FRANKFURT (AFX) - European Central Bank president Jean-Claude Trichet has called on the US to reduce its budget deficit, saying this will help facilitate a &quot;gradual and smooth correction&quot; of the ballooning US current account deficit.