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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Europe sets down firm deficit deadlines AFP - Thursday, November 12 Send IM Story Print European economic and monetary affairs commissioner Joaquin Almunia gives a press conference on November 10, at EU headquarters in Brussels. The European Commission on Wednesday gave 13 countries -- including Britain, France and Germany -- firm deadlines to bring bloated public deficits back under tight control. BRUSSELS (AFP) - – The European Commission on Wednesday gave 13 countries -- including Britain, France and Germany -- firm deadlines to bring bloated public deficits back under tight control. Budget overspending and consequent national debt, already a severe problem for many countries before the financial crisis, are now turning into a critical dilemma for some nations as they recover from the slump with deficits three times the required limit. Four of them, Britain, France, Ireland and Spain, were deemed by European Union Commissioner for Economic and Monetary Affairs Joaquin Almunia to have taken "effective action" since existing recommendations in April. However, the "worsening" economic situation compared to January forecasts means the European council of ministers will be asked next month to endorse proposals for the quartet to be allowed more time to put national finances in order. Britain will now have until its 2014-2015 financial year to get its national overspending back to an agreed maximum guideline limit of three percent of gross domestic product, a position London has accepted without argument. France and Spain get until 2013, although Paris argues that 2014 is a more realistic date, while Ireland has until 2014. Different starting levels of debt and economic prowess lie behind the differences between countries. Greece, however, was adjudged not to have taken effective action and so the commission will ask heads of government next month to back recommendations for more precise and stricter emergency action, although no deadline was stated. Otherwise, nine countries recently added to the list of EU budget transgressors -- which currently runs to 20 of the 27 member states -- were also given first deadlines to meet bloc rules aimed at maintaining harmony. With high debt ratios and a comparatively limited annual deficit overshoot, Belgium and Italy were given until 2012 to fix their budgetary problems. Brussels also objected to its tight schedule. Austria, the Czech Republic, Germany, the Netherlands, Portugal, Slovakia and Slovenia were meanwhile given until 2013. As Europe's largest economy, with a reputation for fiscal probity, Germany has said it will abide. The deficit action was presented by the commission as the cornerstone of broader exit strategies from swollen economic pump-priming by governments over the past two years in efforts to stave off a prolonged depression. Budgetary pain is "necessary in order to avoid an increase in long-term interest rates that would raise the cost of servicing the debt and the financing costs for families and companies, putting a brake on the economic recovery itself," said Almunia. "I believe the deadlines proposed today are appropriate and realistic," he added. The commission's proposals have still to get past EU finance ministers, but its zeal on the issue stems from figures issued last week showing that eurozone public deficits were set to triple this year to 6.4 percent of GDP, and almost 7.0 percent in 2010. However, economists cast doubt on what impact the demands will have. Natixis analyst Sylvain Broyer said Almunia's team had come up with little more than "pious vows." The Brussels-based Bruegel think tank's Jean Pisani-Ferry meanwhile said the commission "risks losing credibility." Only seven EU members -- Bulgaria, Cyprus, Denmark, Estonia, Finland, Luxembourg and Sweden -- have respected the three percent limit. Greece's public deficit is expected to hit 12.7 percent of output this year, with Athens having outlined plans to reduce it to 9.4 percent next year. Member states have formally agreed to start beating a retreat on unsustainable housekeeping by 2011 at the latest, ongoing recovery permitting. 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