EU finance ministers tell Greece to control its public deficit
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European Union finance ministers told Greece it had to take immediate steps to control its public deficit, which they said had consistently exceeded eurozone regulations.
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The first minister is to call for decision making by the European Commission to be spread out further to the regional governments.
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EU finance ministers gather in the Netherlands Friday for informal talks likely dominated by efforts to agree on reforms to the long-strained budget rules underpinning the euro.
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The European Union&#39;s top monetary official said Tuesday he was concerned over Italian budget deficit figures, only a week after Greece was challenged over alleged sloppy bookkeeping and possible underreporting of its deficit to present a rosy economic
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The German government has unveiled a series of measures aimed at bringing the country&#39;s public deficit back below the eurozone&#39;s 3% of GDP limit in 2005.
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France will meet its European budget commitments in 2005, bringing its deficit under the 3 percent EU limit for the first time in four years, Finance Minister Nicolas Sarkozy said Wednesday, touting the extent of the slash as unprecedented.
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The European Central Bank and euro zone finance ministers issued their starkest warning to date that they are unhappy with the euro&#39;s surge to record
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Greek Finance Minister George Alogoskoufis said Europe alone can&#39;t halt the euro&#39;s rise and the US and Japan would have to pitch in to buy dollars to end the decline of the American currency.
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BRUSSELS: The European Central Bank and euro zone finance ministers have issued their starkest warning to date that they are unhappy with the euro&#39;s surge and said they were closely monitoring exchange rate swings.
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The European Commission on Friday suggested ways of revamping the EU&#39;s Stability and Growth Pact and said the proposed changes would restore the credibility of its much-flouted budget discipline rules.
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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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BRUSSELS  - Eurozone finance ministers were to focus at a meeting on the rise of the single currency to record levels against the dollar, with swelling deficits also set to share the limelight.
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Greece is to face legal action after providing false budget deficit figures between 1997 and 2003, which disguised the country&#39;s repeated breaches of European Union budget rules.
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PORTO, Portugal  - European Union finance ministers and central bankers agreed on Saturday to step up co-operation among themselves to improve their handling of cross-border financial crises.
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ATHENS A day after Greece escaped censure by euro zone partners over figures it used to join the currency, Athens said Wednesday that the EU had granted the country an extra year, until 2006, to reduce its public deficit.
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Public borrowing is set to rise and the government will need to raise taxes or reduce spending to decisively cut the deficit, the Organisation for Economic Cooperation and Development says.
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Despite revealing yesterday that its public deficit was higher in the buildup to adopting the euro than the limit set by the EU, Greece looks certain to avoid any sanctions and may be given a two-year deadline to bring its finances in line with eurozone