East European countries win time on deficits

Article reports that five central and eastern European countries (Hungary, Lithuania, Romania, Latvia and Poland) were given more time on the 7 July 2009 to reduce their budget deficits, in a sign that the European Union for now considers the fight against recession a higher priority than fiscal consolidation.

Council of the European Union: Press Release: PRES/09/209: Council Council opens excessive deficit procedures for Latvia, Lithuania, Malta, Poland and Romania and and issues a new recommendation to Hungary http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/misc/109053.pdf

---