Deficit reduction in the United States

EC recommends Romania to avoid implementing permanent measures endangering fiscal sustainability

The European Commission has recommended Romania to pursue fiscal policies in line with the Council's recommendation of 3 April 2020 that Romania should put an end to the present excessive deficit situation by 2022 at the latest, according to the recommendations in the European Semester Spring package released on Wednesday.

EC: Romania's economy to contract by 6% in 2020; government deficit up to 9.2% of GDP

Romania's economy is projected to contract by 6% in 2020 after many years of robust growth, whereas the general government deficit is forecast to increase to around 9.2% of the GDP in 2020, according to the European Economic Forecast - Spring 2020, published by the European Commission (CE) on Wednesday.

Budget deficit, rises to 6.7pct of GDP at adjustment

The deficit of the consolidated general budget for this year rises to 6.7pct of GDP at the first budget adjustment this year, given that the measures adopted to stimulate the economy represent 3pct of GDP, announced on Wednesday Finance Minister Florin Citu in a statement at the Victoria Palace. According to him, the cash deficit increases by 31.9 billion lei.

Fin Min Citu: Romania will enter excessive deficit procedure, at earliest in March

Romania will fall under the excessive deficit procedure, something that cannot be avoided and the earliest it can happen is in March, Minister-designate of Public Finance Florin Citu told Monday evening private TV broadcaster Realitatea Plus. "The talks are ongoing with the European Commission. (...) And, yes, Romania will enter the excessive deficit procedure.

UPDATE Romania's end-2019 budget deficit at 4.6 pct of GDP

Romania closed 2019 with a budget deficit of 4.6 percent of GDP, above the authorities' November estimation, when the second budget adjustment was operated, Finance Minister Florin Citu announced on Tuesday. The only time with a wider budget gap was the crisis year of 2010, when the government ran a deficit of 6.5 percent of GDP. In 2018 the budget deficit was 2.88 percent of GDP.

Greek parliament approves 2020 budget, projects stronger growth

Greek lawmakers approved on Wednesday the country's 2020 budget, which projects stronger growth driven by higher investment, improving domestic demand and tax cuts as the country recovers from a decade-long debt crisis.
A majority of 158 lawmakers in the 300-seat parliament approved the budget that includes total tax cuts of 1.2 billion euros for corporations and individuals.

BNS: Real budget revision most likely in November, current one just window dressing

The real budget revision will be probably carried out in November, considering the evolution of certain spending categories, the National Trade Union Bloc (BNS) said in a statement; the union organization cautions that shifting the budgetary pressure to the last two months of the year means an unjustified postponement that is dangerous for budgetary stability.

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