EU Economy: Three more EU members asked to cut deficit

The European Union (EU) Tuesday asked three more member states to reduce their deficits below the 3-percent ceiling set by the bloc's budget rules.

The European Commission, the EU's executive arm, said that Cyprus, Denmark and Finland ran excessive deficits and recommended different deadlines for the three countries to bring their deficits and debt levels down according to the EU's Stability and Growth Pact.

European Commissioner for Economic and Monetary Affairs Olli Rehn said: "The entry into the excessive deficit procedure of these countries, which until recently had surpluses, shows the severity of the economic and financial crisis we have gone through. "

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