Eurozone leaders will grant struggling economies a bit more time

03/14/2013 | Bloomberg

After years of surging unemployment and rapidly diminishing economic prospects across the eurozone's austerity-racked periphery, European leaders meeting in Brussels will extend the time that struggling nations have to narrow their budget deficits. "We are ready to use the flexibility incorporated in the stability and growth pact, provided of course that governments make the necessary effort in structural terms," said European Commission President Jose Barroso.

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