Summary Box: EU criticizes Belgian budget

AP News
Posted: Jan 06, 2012 10:57 AM
Summary Box: EU criticizes Belgian budget

UNDER ATTACK: Belgium's finance minister reacted to criticism from the European Commission that the country's 2012 budget is too optimistic, saying the government was determined to meet its fiscal targets.

QUESTIONABLE TARGETS: Belgium has promised to cut its deficit to 2.8 percent of economic output this year, from around 3.6 percent in 2011. The EC believes Belgium won't be able meet the target without greater tax revenue or bigger spending cuts.

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HIGH HURDLE: Belgium has one of the highest debt loads in the eurozone. Under EU rules, Belgium has to bring its deficit below 3 percent of GDP.