EC puts Bulgaria under excessive budget deficit procedure.

By bne IntelliNews May 13, 2010
The EC adopted a report that put Bulgaria under an excessive budget deficit procedure as its general budget deficit reached 3.9% of GDP last year, exceeding the 3% benchmark. The Commission stated, however, that the excess could be qualified as exceptional, as it resulted from a severe economic downturn. It was also seen as temporary as the deficit forecast was below 3% of GDP this year though there are some risks to the outcome.

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