Arab Today, arab today finland\s debt to breach maastricht limit
Last Updated : GMT 17:33:32
Arab Today, arab today
Arab Today, arab today

Finland\'s debt to breach Maastricht limit

Arab Today, arab today

Arab Today, arab today Finland\'s debt to breach Maastricht limit

Helsinki - AFP

Finland said on Monday it would breach the Maastricht criteria -- which state that public debt must not exceed 60 percent of GDP -- for the first time next year. The Nordic country\'s debt as a ratio of economic output will reach 60.7 percent next year and will rise to 62.0 percent in 2015, according the government\'s presentation of next year\'s budget. The export-reliant nation has been battered by the crisis as sectors such as technology, paper, steel and metal face headwinds. According to the government\'s forecast, the economy will shrink by 0.5 percent this year, which would be the second annual contraction in a row. Finland has been held up as a model of fiscal discipline by other eurozone members as well as by its own lawmakers during the economic crisis and breaching the criteria will be an embarrassment. Ratings agency Moody\'s said in May Finland was the only government in the European Union that had never breached any of the Maastricht fiscal criteria. But analysts downplayed the significance. \"Exceeding 60 percent is less important than the fact that Finland for a long time has been able to show that faced by a crisis, government parties can find a credible solution together,\" Mika Maliranta, director of the Research Institute of the Finnish Economy, told AFP. The government said public finances would stay in the red \"in the years to come\" as structural problems in some of Finland\'s key sectors -- such as paper and pulp -- are coupled with \"a difficult economic context.\" Helsinki predicts the eurozone, its biggest trading partner, will exit recession this year, allowing Finland to post 1.2 percent growth in 2014. Growth potential was limited since many companies had reduced production capacity and investments during the downturn, it said. In August, Finland\'s broad coalition government, which includes right and left-wing parties but not the eurosceptics and the centre, announced a slew of measures to reduce public spending. These included spending cuts at local authorities and programmes to help unemployed people return to the job market, as well as raising the age of retirement. Finland\'s position \"could weaken only if you could attribute the country\'s debt to mismanagement by the government,\" said Teija Tiilikainen, director of the Finnish Institute for International Affairs. The solution to the crisis wasn\'t \"in Finland\'s hands,\" she noted, but added that the country\'s credibility now hinged on how it managed the current situation. \"All countries in the eurozone are now in the same boat (and) all eyes are on the way in which Finland tries to restore its finances,\" she said. The technology sector has been especially hard hit, with Nokia, once the world\'s leading mobile phone maker, announcing the sale of its handset business to Microsoft earlier this month. Still, the country prides itself on being one of just four eurozone states to have maintained a top triple-A classification with all three major global credit rating agencies.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today finland\s debt to breach maastricht limit Arab Today, arab today finland\s debt to breach maastricht limit

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday