19/06/2009 (Agence Europe) - The European Council backs the efforts made by Latvia to reduce the country's deficit in 2009 and 2010. While the deficit threatens to exceed 11% of GDP this year, budgetary cuts (some €700 million) have been approved by the Latvian parliament in order to bring it towards a level closer to 5% of GDP, as foreseen within the framework of the international support plan approved end 2008. The European Council supports the Commission's intention to propose rapid payment of the next part of Community assistance to the balance of payments. The EU contributes up to €3.1 billion to the international support plan which totals €7.5 billion. After a first payment of one billion euro end February, the second part of the loan (€1.2 billon) may become available by end June, early July. (A.B./transl.jl)