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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: yard_man who wrote (2245)	3/16/2004 9:34:47 PM
From: mishedlo	of 116555

EU says yet to decide whether to take action on UK, Netherlands deficits Tuesday, March 16, 2004 12:12:08 PM BRUSSELS (AFX) - The European Commission said it has yet to decide whether to take any action over the deficits posted by UK and the Netherlands last year. The UK's deficit widened to 3.2 pct of GDP in 2003, while the Netherlands recorded a deficit of 3.0 pct, according to figures released by EU statistics agency this morning. When asked if the Commission will take disciplinary action, EU Commission spokesman Gerassimos Thomas replied: "Certainly, it is not acting today". Thomas noted that the Eurostat figures cover the calendar year, while the UK's official figures span the financial year. "All this is being analysed by the Commission to see what is the development of public finances in the UK," he said. He said the deficit for the Netherlands has been rounded up from 2.98 pct. "It is a position that is being analysed by the Commission and no specific decision has been taken," he said. The stability and growth pact sets a deficit limit of 3 pct of GDP. ========================================================= Take action? What does that mean? If that means cutbacks in govt spending that will accelerate the recession over there. Can someone in the know comment on this? Thanks

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