EU set to relax eurozone budget rules

The European Union was set to propose loosening its much-criticised budget rules supporting the euro on Friday 3 September, by allowing countries with economic troubles to be exempt from the uniform standard for deficits in favour of country specific targets.

European Union Monetary Affairs Commissioner Joaquin Almunia proposed tailoring budget-cutting rules to each eurozone members economic situation, giving more leeway to low-debt countries and placing more emphasis on debt sustainability.

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