Europe to Sue Over Data Greece Gave on Economy
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The European Commission said on Wednesday that it would sue Greece for submitting incaccurate deficit figures before joining the euro zone in 2001.
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BRUSSELS The European Union&#39;s executive arm issued a bleak economic report on Tuesday, warning that the sharp rise in oil prices would &quot;take its toll&quot; on economic growth next year while the euro&#39;s renewed climb could threaten exports.
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The eurozone economy is awash with excess liquidity and that could signal inflationary dangers ahead for the 12 countries that share the euro, official data showed.
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ATHENS Greece has confessed to having been in breach of European Union budget deficit rules since 2000, leading to suggestions that it may not have been entitled to join the common currency after all.
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Greece is safe in the eurozone despite revelations that it has been mis-reporting sensitive economic data for years, European Union officials said.
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The European Commission is set to step  up legal action against Germany next week for thwarting foreign  competition in the country's gaming markets, sources with  knowledge of the decision said on Thursday.
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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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Eurozone figures to be released this week should show business confidence beginning to slide again owing to concern over slowing growth and the strong euro, economists said.
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The European Union's head office issued a bleak economic report Tuesday, warning that the sharp rise in oil prices will "take its toll" on economic growth next year while the euro's renewed climb could threaten crucial exports.
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The European Commission is likely to take Britain to court over its treatment of cross-Channel shoppers.
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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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The EU has hit back after Washington filed a case at the World Trade Organisation over state aid for aircraft maker Airbus EAD.PA , filing its own case over what it called &quot;massive illegal&quot; aid for Boeing BA.
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BRUSSELS, Belgium -- The European Union&#39;s executive commission said Wednesday it would open legal proceedings against Greece for its sloppy bookkeeping and underreporting its budget deficit by billions of euros between 1997 and 2003.
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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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The economy of the 12 nations sharing the euro grew at the slowest pace in more than a year in the third quarter as record oil prices crimped global demand, prompting the European Commission
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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.
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Planes dropped water on  smoldering forest fires in Greece on Friday and the European  Union promised cash to help the country recover from more than  a week of destructive blazes that killed 63 people.