Brussels, 24/06/2004 (Agence Europe) - On Thursday, the Commission adopted recommendations calling upon the Council to open excessive deficit proceedings (probably on 5 July) against Greece, Czech Republic, Poland, Hungary, Slovakia, Cyprus and Malta. It calls upon the new Member States to bring their deficit below 3% by sticking to the timetables they submitted in their convergence reports (not as of 2005). Greece, however, has four months to take corrective actions to bring its deficit below 3% by 2005.
Greece must take structural measures allowing a reduction by one point of GDP over the years 2004 and 2005, and contribute to reduce the debt-GDP ratio, currently at 103%. Its deficit is 3.2% in 2003, and could exceed the 3% threshold in 2004.
Poland has a deficit of 4.1%, which, according to the Commission, could reach 6% in 2004. In line with its convergence programme, it must come below 3% in 2007.
The Czech Republic presented a deficit of 12.9% in 2003, and could have a deficit of 5.9% in 2004. It must fall below the 3% threshold in 2008.
Hungary saw a deficit of 3.6% in 2003, and will probably see one of 4.6% in 2004. It should come back below 3% by 2008.
Slovakia's 2003 deficit was 3.6%, and could be 4.1% in 2004. It is to return below the 3% limit in 2007.
Cyprus had a deficit of 6.3% in 2003, which could be 4.6% in 2004. Cyprus is to come below the 3% threshold in 2005.
Malta's deficit was 9.7% in 2003, and forecasts for 2004 are around 5.9%. Malta is supposed to get below 3% by 2006.