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Deficit

Europe

EU seeks to sanction Spain, Portugal over spending

Spain and Portugal could faces fines for breaching EU spending rules after the European Commission opened a sanctions procedure on Thursday over both countries failure to tackle their budget…

Spain and Portugal could faces fines for breaching EU spending rules after the European Commission opened a sanctions procedure on Thursday over both countries failure to tackle their budget…

Business

Spain wants to slow deficit reduction

Spain plans to cut its government deficit this year and next at a slower pace than originally agreed with the European Commission as it struggles to bring its public debt in line with Brussels' demand

Spain plans to cut its government deficit this year and next at a slower pace than originally agreed with the European Commission as it struggles to bring its public debt in line with Brussels' demand

Business

France confident on deficit reduction, European Commission not convinced

French Finance Minister Michel Sapin has said the country will meet its 2016 target for cutting its public deficit but the European Commission does not believe it can achieve that.

French Finance Minister Michel Sapin has said the country will meet its 2016 target for cutting its public deficit but the European Commission does not believe it can achieve that.

News

[Map] How quickly does your country spend its annual budget?

Today, November 11, marks the point when the United Kingdom will have spent its entire revenue for the year, 51 days early. That means, in effect

Today, November 11, marks the point when the United Kingdom will have spent its entire revenue for the year, 51 days early. That means, in effect

News

Greece: new round of debt talks as default looms

Denying that a debt default was discussed, Greek Prime Minister Alexis Tsipras met with his negotiating team before they headed to Brussels for

Denying that a debt default was discussed, Greek Prime Minister Alexis Tsipras met with his negotiating team before they headed to Brussels for

Business

Portugal's debt rises but a better 2015 on the cards says report

Portugal remains on course for restored economic health after latest figures suggest it has managed to shrink its deficit, although the overall debt

Portugal remains on course for restored economic health after latest figures suggest it has managed to shrink its deficit, although the overall debt

Business

France sees smaller deficit, faster growth on the way

The French sounded a little more bullish about their debt on Thursday with the news that Paris is cutting its deficit target for 2015 and that

The French sounded a little more bullish about their debt on Thursday with the news that Paris is cutting its deficit target for 2015 and that

Business

Russia to cut its deficit woes by dipping into its savings

Russia will dip into its emergency reserve fund to the tune of more than 50 billion dollars to stop its deficit, hit by falling oil prices and a

Russia will dip into its emergency reserve fund to the tune of more than 50 billion dollars to stop its deficit, hit by falling oil prices and a

Business

France revises deficit target for 2015

France is to cut its public deficit to 4.1 percent of economic output in 2015. That is down from a previous target of 4.3 percent. The figure comes

France is to cut its public deficit to 4.1 percent of economic output in 2015. That is down from a previous target of 4.3 percent. The figure comes

Business

Greece stands firm on budget plan despite protests from lenders

Greece has gone ahead with plans for a near-balanced budget for 2015, ignoring protests from the Troika of international lenders. The European

Greece has gone ahead with plans for a near-balanced budget for 2015, ignoring protests from the Troika of international lenders. The European

Business

Eurozone export boom boosts Europe's trade surplus

The European trade surplus was given a shot in the arm on Monday with the numbers for September doubling the previous figure. The better result was

The European trade surplus was given a shot in the arm on Monday with the numbers for September doubling the previous figure. The better result was

Business

Argentina set for default for the second time in 12 years

Argentina, Latin America’s third biggest economy is set to default on its debt for the second time in 12 years. Negotiations with the so called

Argentina, Latin America’s third biggest economy is set to default on its debt for the second time in 12 years. Negotiations with the so called

News

Removal of Egyptian energy subsidies impact on food prices

Egyptians are complaining that a cut in government energy subsidies has led to a massive rise not only in fuel prices but also other goods and

Egyptians are complaining that a cut in government energy subsidies has led to a massive rise not only in fuel prices but also other goods and

Business

Argentina on the brink of default in row with US hedge funds

Argentina is on the brink of a second default in 13- years if it fails to reach a deal with two US hedge funds. A US court has ordered Argentina to

Argentina is on the brink of a second default in 13- years if it fails to reach a deal with two US hedge funds. A US court has ordered Argentina to

Business

Eurozone deficits improve but debt mounts

Eurozone government are finally starting to get their finances under control, according to the Eurostat statistics agency. But the region’s total

Eurozone government are finally starting to get their finances under control, according to the Eurostat statistics agency. But the region’s total

Business

France bids to reassure Germany on deficit and growth

France’s new Socialist finance minister has attempted to reassure Germany, its closest partner, that his country would stick to promised deficit

France’s new Socialist finance minister has attempted to reassure Germany, its closest partner, that his country would stick to promised deficit

Business

Subsidy black hole means power problems in Spain

The Spanish government has ordered a major overhaul of the energy sector that will cost companies and consumers billions. The problem is a growing

The Spanish government has ordered a major overhaul of the energy sector that will cost companies and consumers billions. The problem is a growing

Business

Hungary cuts borrowing costs to record low

For the 10th month running Hungary’s central bank has reduced its main interest rate by 0.25 percent. It is now at 4.5 percent, down from seven

For the 10th month running Hungary’s central bank has reduced its main interest rate by 0.25 percent. It is now at 4.5 percent, down from seven

News

Egypt homing in on 3.7 billion euro IMF loan

Egypt is closing to sealing a 3.7 billion euro loan from the International Monetary Fund. After years of political turmoil and plunging foreign

Egypt is closing to sealing a 3.7 billion euro loan from the International Monetary Fund. After years of political turmoil and plunging foreign

Business

Portugal's deficit cutting timetable 'to be eased'

Portugal is reportedly to get more time to cut its budget deficit. As part of Lisbon’s 78 billion euro bailout, inspectors from the ‘troika’ of

Portugal is reportedly to get more time to cut its budget deficit. As part of Lisbon’s 78 billion euro bailout, inspectors from the ‘troika’ of

Business

Portugal back in bond market

Portugal enjoyed strong demand from investors in its first sale of longer term government bonds since Lisbon was forced to asked for an EU bailout

Portugal enjoyed strong demand from investors in its first sale of longer term government bonds since Lisbon was forced to asked for an EU bailout

Business

French central bank sees recession this year

The central bank in Paris has said that it expects France’s economy to slip into recession as this year ends. That would make it harder for the

The central bank in Paris has said that it expects France’s economy to slip into recession as this year ends. That would make it harder for the

Business

Deficit gains, debt pain for eurozone

While the eurozone made dramatic inroads into its fiscal deficit deadweight last year, slashing it to 4.1 percent of GDP from 2010’s 6.2 percent

While the eurozone made dramatic inroads into its fiscal deficit deadweight last year, slashing it to 4.1 percent of GDP from 2010’s 6.2 percent

News

Fuel costs hit Qantas as airline posts losses

Australia’s flagship carrier,Qantas Airways, has announced its first ever annual loss since privatisation in 1995. The company posted losses close

Australia’s flagship carrier,Qantas Airways, has announced its first ever annual loss since privatisation in 1995. The company posted losses close

Business

Greece: more time, more cuts?

Greece’s Prime Minister Antonis Samaras is on a charm offensive meeting eurozone leaders to try to persuade them that all his country needs is more

Greece’s Prime Minister Antonis Samaras is on a charm offensive meeting eurozone leaders to try to persuade them that all his country needs is more

News

More austerity pain for Spain with fresh cuts ahead

For Mariano Rajoy, it was payback time. He has got a banking bailout and an extra year to hit Spain’s deficit reduction targets. Now its European

For Mariano Rajoy, it was payback time. He has got a banking bailout and an extra year to hit Spain’s deficit reduction targets. Now its European

Europe

EU finance ministers ease Spain's pain

EU finance chiefs have held further talks in Brussels after a day which saw an easing of the fiscal pain for Spain. In addition to agreeing to

EU finance chiefs have held further talks in Brussels after a day which saw an easing of the fiscal pain for Spain. In addition to agreeing to

Europe

EU finance chiefs hold further crunch talks

EU finance ministers met in Brussels on Tuesday for further talks only hours after agreeing a blueprint to save Spain. That package will see an

EU finance ministers met in Brussels on Tuesday for further talks only hours after agreeing a blueprint to save Spain. That package will see an