EU economic council starts excessive deficit procedure against Bulgaria.

By bne IntelliNews July 14, 2010
The EU economic and financial affairs council has opened excessive deficit procedures against Bulgaria, Denmark, Cyprus and Finland, the council said in a statement on Tuesday. According to the data notified by the Member States concerned, the 3.0 % bar was effectively exceeded by Bulgaria and Cyprus in 2009 and is expected to be exceeded by Denmark and Finland in 2010, the statement reads. The council recommended that Bulgaria brought its deficit below the 3% GDP threshold by 2011. Bulgaria's finance minister Simeon Dyankov has said in a recent interview for state radio BNR that the budget deficit would be contained below 2.7% of GDP in 2011. Last week, Bulgarian parliament voted an update to the 2010 budget law putting the target budget deficit at BGN 3.2bn (EUR 1.63bn) or 4.8% of the projected full-year GDP (as compared to 0.7% of GDP initially) on a cash basis.

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