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EU: Some nations should spend; others must cut debt

Posted on 18 May 2010 by admin

BRUSSELS (AP) — Some European governments must slash debt sharply but others should keep spending to boost growth across the 27-nation bloc, a top EU official urged Tuesday as the region tries to solve a debt crisis by imposing budget cuts that risk triggering a new recession. European Union Economy Commissioner Olli Rehn said financially troubled Greece, Spain and Portugal must push through harsh austerity programs now, but he warned that “efforts should be different according to the fiscal situation.” Countries running relatively lower deficits could “maintain less restrictive fiscal stances for the sake of growth in Europe as a …74dbb2b4b1e1a10 EU: Some nations should spend; others must cut debt

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