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BNS: EU launches excessive deficit procedure against Lithuania

Updated 2009-05-13

VILNIUS, May 13, BNS - The European Commission on Wednesday launched an excessive deficit procedure against Lithuania, Commission representatives confirmed to BNS.

Lithuania's public sector deficit reached 3.2 percent of GDP in 2008, breaching the 3 percent limit set out in the Stability and Growth Pact. The country's deficit was close to the reference value, but it cannot be regarded as exceptional and temporary.

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