Update 1: Greece Defends Deficit Revision
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The government on Wednesday defended its decision to radically revise the country&#39;s deficit figures, ahead of a European Commission meeting to consider possible disciplinary action against Greece for submitting faulty figures.
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Greece's buoyant growth has driven unemployment lower but not enough for many Greek voters rushed to polls on September 16 to decide whether their centre-right government deserves a fresh mandate for reforms.
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Greece's government survives a no-confidence vote, fending off the prospect of snap elections.
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The European Commission&#39;s (EC) president-elect, Jose Manuel Barroso, on Tuesday defended his team of commissioners in the European Parliament (EP) in a bid to secure
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Greece vows to ensure next year's budget deficit meets the European Union's 3% limit by curbing spending and raising revenue through privatisations.
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BUDAPEST - Hungary will stick to its new euro plan, endorsed by the European Commission on Tuesday, after years of huge budget deficits derailed earlier hopes to join the single currency, Prime Minister Ferenc ...Comment
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The European Commission yesterday called on Greece to bring in more measures to lower its public deficit than it has planned in the 2005 budget, while asking EU finance ministers (Ecofin) to consider taking further disciplinary action against the country.
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Hungary will stick to its new euro   plan, endorsed by the European Commission on Tuesday, after   years of huge budget deficits derailed earlier hopes to join   the single currency, Prime Minister Ferenc Gyurcsany said.
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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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Greece's government, angered by a U.S. decision to recognize the name of neighboring Macedonia, said Friday it would block its Balkan neighbor from joining NATO or the European Union unless the name dispute is resolved.
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The European commission threatened yesterday to suspend development funds to Greece in response to Athens&#39;s admission that it had disguised the extent of the country&#39;s debts in order to join the euro.
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Greece acknowleged that its public deficit in 2000 came to 4.1 percent of output rather than the 2.0 percent announced at the time.
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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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A top European Union (EU) economic official said on Monday that the current level of the euro against the US dollar posed no threat to the eurozone economic recovery.
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Prime minister defends government's preparations.
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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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The European Commission said Wednesday Greece has failed to curb public spending, and forecast the country&#39;s 2004 and 2005 budget deficits will far exceed the maximum allowed under euro currency rules.