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Borg calls on EU partners to disclose deficit cuts

AFP/The Local · 17 May 2010, 13:31

Published: 17 May 2010 13:31 GMT+02:00

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"It is now of the utmost importance that Spain and Portugal show which measures they are taking within their respective tightening packages to reduce their large deficits," Borg said in a statement.

"It is only by cleaning up public finances that long-term stability can be ensured," he added.

A staunch supporter of budgetary discipline, Sweden last year posted the best public finances in the European Union, with a deficit amounting to just 0.5 percent of gross domestic product (GDP) - well below the three percent limit.

This year, the Scandinavian country's deficit is expected to inch up to around 2.0 percent, before slipping back to 1.6 percent next year, according to the European Commission.

When Sweden held the rotating EU presidency in the second half of 2009, the country repeatedly stressed the need to create an "exit strategy" for the union's large deficits that ballooned as governments implemented stimulus packages to counter the effects of the global financial crisis.

The eurozone finance ministers are set to meet in Brussels later Monday in an attempt to thrash out ways to shore up the falling euro currency amid the ongoing Greek debt drama.

Story continues below…

Greece has received a three-year €110 billion rescue package from its eurozone counterparts, which along with the International Monetary Fund have also agreed a package worth €750 billion designed to prevent the Greek crisis from spreading to other weak eurozone economies.

Sweden, which is not part of the eurozone, will not take part in Monday's meeting, but Borg will represent the Scandinavian country at a meeting in Brussels Tuesday of all EU finance ministers.

AFP/The Local (news@thelocal.se)

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Your comments about this article

18:05 May 17, 2010 by Nemesis
Complete disclosure of not only all budget deficits, but of all budgets is the way forward.

That would best be backed up with legislation to criminalise anyone trying to sink the finances or currency of a country. That would give the bankers who caused this mess in the first place something to think about.
18:25 May 17, 2010 by just a question
so who low the interest rates in the first place?

who allowed the massive construction everywhere and without thinking about the consecuences? Where was the EU when this was happening? Why the EU didn't controll the housing-buble in countries as Spain?

who deslocalized the industry in these countries?

who imposed measures that made farmers even more poor?

why nobody controlled where the EU money was going?

It's too late.
18:55 May 17, 2010 by wenddiver
Agree with Nemis, it should be a crime to engage in activty that destroys the finances or currency of a nation.
09:24 May 18, 2010 by Kronaboy
@just a question

You did by voting for nice centre right parties with nice free market policies financed by nice bankers, nice stock brokers etc.... instead of voting for those horrible socialists financed by nasty communist trade unions. (and before someone gives the obvious response as far as I am concerned the only difference between the likes of Blair and Thatcher is the marketing)
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