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

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To: Tommaso who wrote (16048)	11/17/2004 11:55:31 AM
From: mishedlo	Read Replies (1) of 116555

EU may give Greece until 2006 to cut deficit - Greek FM Wednesday, November 17, 2004 2:13:36 PM afxpress.com ATHENS (AFX) - The European Commission may give Greece two more years to lower its budget deficit to below the 3 pct rule, Finance Minister Giorgos Alogoskoufis said Greece could be given until 2006 to lower its budget deficit to below 3 pct of GDP in the event that it is unable to achieve next year's target due to external factors, Alogoskoufis told reporters after attending an ECOFIN meeting earlier this week Greece aims to bring down its budget deficit in 2005 to 2.8 pct of GDP from a targeted 5.3 pct this year =============================================================== To bring these EU budget deficts under control it will take reduced spending or increased taxes or both. Correct? Won't the EU slide immediately into a recession? Might they not anyway? If they do anyway, will that increase the budget deficits or not? Is the Euro really that much of a bargain at these prices? thoughts Haim or anyone? Mish

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