Eurozone ministers drop plans to balance budgets by 2010: Juncker

BRUSSELS, November 3, 2008 (AFP) – Finance ministers from the 15 nations sharing the euro have dropped a 2010 deadline for balancing their budgets, in the face of a severe economic downturn, their chairman Jean-Claude Juncker said Monday. Juncker told journalists that the deadline, which was agreed under much rosier economic conditions in April last year, “should be revised” in light of the severe downturn that has taken hold in the eurozone.

“We have agreed between us that the decisions that we took in April 2007 … should be revised and that the medium term objectives must be met by member states on a case-by-case basis at dates that will pushed back,” Juncker said.