Thomson Reuters
HIGHLIGHTS-EU's Almunia on new economic forecasts
11.03.09, 06:13 AM EST
BRUSSELS, Nov 3 (Reuters) - The following are comments by EU Monetary Affairs Commissioner Joaquin Almunia at a news conference on Tuesday after the European Commission issued new economic forecasts for the euro zone and European Union.
Europe's economy will rebound next year from a deep slump and accelerate in 2011, the Commission said, paving the way for major deficit cuts across the 27-nation bloc from 2011 at the latest.
On Greek budget deficit:
'With the information available and with the revising of previous figures of the Greek deficit, it is obvious that effective action was not adopted during the past months by the previous government.
'So we will be obliged to go to the next step of the deficit procedure. Our first procedure will be presented next week.'
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