EU to cut deficits in 2011 if rebound allows

Source: www.forexlive.com

If the economic recovery that is just underway is sufficiently strong, EU finance ministers have vowed to ut budget deficits beginning in 2011, according to a draft from the Eurogroup shows. They will base the budget cuts on an EC economic forecast report due on November 4 as the basis for the forecasts. This is a modest EUR positive as the US is unlikely to trim deficits anytime soon as it is adding expensive programs that last in perpetuity in addition to stimulus spending…


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