EU officials caution Spain, Italy over their budgetNovember 15, 2013 - 17:14 AMT PanARMENIAN.Net - European Union officials have cautioned Spain and Italy that their budget plans risk breaching EU rules aimed at keeping deficits and debt under control, the Associated Press reports. For the first time, the EU's executive commission is reviewing draft budgets before national legislatures pass them. The review is aimed at preventing budget troubles from undermining the shared euro currency. Italy, the No. 3 economy in the 17-country eurozone, was cited Friday, Nov 15, for not sufficiently addressing its heavy debt load. Spain, the No. 4 economy, was warned its deficit would breach the EU limit of 3 percent of annual economic output. Smaller euro members Finland, Luxembourg and Malta were also warned. The debt and deficit rules were toughened after government debt grew to unmanageable levels in several eurozone countries, threatening the currency union with breakup. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |