EU gives Poland extra year to cut budget deficit
The News Review:
- EU gives Poland extra year to cut budget deficit
- Poland cuts interest rate to 3.5 percent
- PKN rlen PGNiG Sign Deal n il Production In Poland
EU gives Poland extra year to cut budget deficit
guardian.co.uk
In recommendations to be sent for approval by EU financeministers the European Commission also told Hungary Lithuaniaand Romania — all struggling with extra spending demands andreduced revenues because of the global economic crisis — to cuttheir deficits to below 3 percent of gross domestic product by2011. “It is crucial that governments devise an adjustment pathwhereby they commit to correct public deficits from the momentthe economy starts to recover which is expected to happengradually starting 2010″ EU Monetary Affairs CommissionerJoaquin Almunia said in a statement. Extending the deadline for Poland will give it more leewayto boost flagging economic growth but creates a temptation todelay the country’s euro zone entry target now set at 2012 orslightly later. Cutting its deficit to beneath the EU’s cap — a conditionfor euro entry — in 2012 would mean in practice that Polandcould adopt the euro in 2014 at the earliest since theCommission would have to confirm this was the case during 2013.
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Poland cuts interest rate to 3.5 percent
CNBC
5 percent making a widely expected move to stimulate the slowing economy. The National Bank of Poland’s move came after it left rates unchanged for two consecutive months. Before that it cut rates gradually over several months as the global financial crisis sharply slowed growth in Poland the biggest of the European Union’s ex-communist member states. Copyright 2009 The Associated Press.
PKN rlen PGNiG Sign Deal n il Production In Poland
Wall Street Journal
WA) and gas monopoly PGNiG (PGN. WA) signed a deal to launch joint oil upstream operations.
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