28/07/2011 (Agence Europe) - Commission optimistic about budget deficits. On Thursday 28 July, a spokesperson for the European Commission declared that “we are completely confident in the ability of the Cypriot authorities to fully respect their commitments” with regard to the budget - namely, to have a budget deficit below 4% of GDP in 2011 and 2.5% in 2012. Confronting a serious political and economic crisis following the accidental destruction of the national electricity grid, which...