BUSINESS

Nicosia at risk of breaking EU budget rules

TAGS: Euro, EU

Cyprus and five other countries are at risk of breaking European Union budget discipline rules with their 2017 draft budgets, the European Commission said in a statement on Wednesday.

The five other countries are Belgium, Finland, Italy, Lithuania and Slovenia.

“The draft budgetary plans of these member-states might result in a significant deviation from the adjustment paths toward the respective medium-term objective,” the European Commission said.

The medium-term objective is a budget balanced in structural terms, which means excluding one-off spending and revenue and the effects of the business cycle.

[Reuters]

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