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08. 02. 10. - 16:00

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08. 02. 10. - 16:00

EC may extend deadline for reduction of Romania´s budget deficit

Romanian Times

The European Commission (EC) today (Mon) recommended that Romania be given until 2012 to bring its budget deficit down to three per cent of the gross domestic product (GDP).

The deadline extension would be discussed at the next Ecofin meeting on 16 February, the EC said.

Economic and Monetary Affairs Commissioner Joaquín Almunia said: "Romania has made a serious effort to limit the increase of its budget deficit and to preserve macro-economic stability during the past year.

"The worsening of the economic situation since the initial recommendations were made justifies extending the deadline by one year. But consolidation efforts must continue," he added.

Last year, the EC recommended that proceedings be launched against Romania due to a budget deficit above three per cent of GDP in 2008. The country was given until 2011 to lower its deficit.

However, in view of a "sharper-than-expected recession in 2009," the EC has revised its recommendations and proposed a one-year extension of the deadline.

Romania has pledged to bring its budget deficit down to 5.9 per cent of GDP this year, down from a deficit estimated to have been 7.3 per cent of GDP last year.

Teo Trandafir resigns over health problems
Former TV star Teo Trandafir announced today (Fri) she was resigning from her position as lawmaker.

Wizz Air fills bankrupt Malev's shoes
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Romania's population down due to migration
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Twenty-four dead in cold weather
Another two persons died in the last 24 hours, in Romania, due to hypothermia the Health Ministry said today (Fri).

Schools closed over bad weather
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More gypsies in Romania census shows
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Bosch starts 77 mn Euro investment in Romania with state aid
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Army ready to fight snow
The Romanian Army is prepared for the emergency situations provoked by heavy snow and blizzards with 4,000 soldiers and over 1,000 pieces of equipment, the Defence Ministry said today (Thurs).

Boeing aircraft on sale by the tax administration
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Twenty-two died in cold weather
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