Europe Hands 6 Nations a Deficit Reprieve

Europe is giving six of its financially struggling countries, including the major economies in France and Spain, more time to control the deficit spending of their governments.

Austerity – calling for cuts in spending and increased taxes – has been the dominant prescription in the last two years for European countries looking to rein in budget shortfalls. But with unemployment surging and the continent mired in an 18-month recession, the European Union on Wednesday softened its demands.

The …

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