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Cyprus News Agency: News in English, 12-01-23

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] ECOFIN to decide on Cyprus deficit measures

  • [01] ECOFIN to decide on Cyprus deficit measures

    The EUs Economic and Financial Affairs Council (ECOFIN) is expected on Tuesday to agree with the Commissions assessment according to which Cyprus, Malta, Belgium and Poland need no additional measures to reduce their excessive deficit.

    At the same time, on the Commissions recommendation, the Council is expected to activate the next stage of the excessive deficit procedure in the case of Hungary, which has not taken effective measures to reduce its deficit.

    As noted in ECOFINs draft decision, the Commission, based on the existing information, believes that all four countries, Cyprus, Malta, Belgium and Poland, have achieved, through their actions, sufficient progress to correct their deficits within the timeframe set by the Council of Ministers.

    It is also noted in the text that the excessive deficit procedure was initiated in July 2010, when the Council adopted a recommendation for corrective measures. The Council had then estimated that special circumstances prevailed in Cyprus in 2009 that could lead the country into recession, for the first time in the past 35 years, and justified correction of the deficit in the medium term.

    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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