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Cyprus News Agency: News in English, 11-01-27

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

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] COMMISSION - CYPRUS - DEFICIT

  • [01] COMMISSION - CYPRUS - DEFICIT

    The European Commission has decided that no further steps in the excessive deficit procedure are needed at present for Cyprus, since it has taken action representing adequate progress towards the correction of the excessive deficit within the time limits set by the Council.

    In a press release, the Commission notes that, ``following the expiry of the usual six-month period after the Councils recommendation, the Commission has made an assessment of the action taken by Cyprus, Finland, Bulgaria and Denmark in response to the Council recommendation of 13 July 2010, with a view to bringing an end to their situation of excessive government deficit.``

    The Commission concluded that, ``on the basis of currently available information, Cyprus, Finland, Bulgaria and Denmark have taken action representing adequate progress towards the correction of the excessive deficit within the time limits set by the Council.``

    It therefore considers that, for these member states, ``no further steps in the excessive deficit procedure are needed at present.``

    The Commission notes that it will continue to closely monitor budgetary developments in accordance with the Treaty and the provisions of the Stability and Growth Pact.


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