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 | Power of One Dram sums up two-year program with Teach for Armenia Idram Junior also joined the companies during the visit, bringing with it a fascinating intellectual game for children Yerevan Mayor to travel to Paris on May 15-19 The official delegation headed by Yerevan Mayor Tigran Avinyan will travel to Paris from May 15 to 19. Armenia, India hold first defense consultations The meeting was attended by Indian Ambassador Nilakshi Saha Sinha and Defense Attaché Brigadier General Naveen Nijhawan. Civil disobedience campaigns continue in Yerevan People demanding Prime Minister Nikol Pashinyan’s resignation again blocked streets in Yerevan on May 15. |