Press Release: Commission concludes Hungary, Latvia, Lithuania and Malta have taken effective action to correct their budget deficits; extends deadlines for Lithuania and Malta

The European Commission on 27 January 2010 assessed the action taken by Malta, Lithuania, Latvia and Hungary in response to recommendations proposed by the Commission and endorsed by the Council in July 2009 in respect to the correction of their respective budget deficits.

The Commission proposes to extend the deadline for the correction in the cases of Malta and Lithuania. While it concluded that both Member States had taken effective action, the previous deadlines can no longer be deemed realistic in view of a significant worsening of the economic situation, justifying an extension by one year to 2011 for Malta and 2012 for Lithuania.

As to Hungary and Latvia, the Commission concluded that they had complied with the Council recommendations but they will need to pursue the efforts to bring their deficits below 3% by the agreed deadlines of respectively 2011 and 2012.

• Primary Source

EurActiv, 28.1.10: EU backs national efforts to balance budgets http://www.euractiv.com/euro-finance/eu-backs-national-efforts-balanc-news-223447

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