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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: zonder who wrote (24826)3/3/2005 12:24:37 PM
From: mishedlo  Read Replies (1) of 116555
 
Trichet says Greek deficit deadline pushes stability pact rules to the limit
Thursday, March 3, 2005 3:35:16 PM
afxpress.com

FRANKFURT (AFX) - European Central Bank president Jean-Claude Trichet said the additional year given to Greece to cut its excessive deficit stretches the rules of the stability and growth pact "to the limit"

"The extension of the deadline, from 2005 to 2006, for correcting the excessive deficit pushes the room for interpretation of the rules and procedures to the limit. It is now indispensable for Greece to take effective action to correct its severe fiscal imbalances," he told an ECB news conference

EU finance ministers last month approved disciplinary measures requiring Greece to get its deficit below 3 pct of GDP by 2006, a year later than was originally proposed by the European Commission

The Greek deficit is forecast to fall to 3.6 pct of GDP this year from 5.2 pct in 2004

Trichet said a number of euro zone countries are still not sufficiently ambitious in their budget plans and have fiscal targets which are based on rather favourable growth assumptions

And he said discussion on the planned reform of the pact now needs to be brought to a convincing conclusion "with an outcome that safeguards fiscal discipline"

"The credibility of the excessive deficit procedure needs to be fully preserved. This is not only fundamental for macroeconomic stability and cohesion in the euro area but also for confidence and growth prospects in all member states," he said
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