{"id":68750,"date":"2024-06-27T16:48:19","date_gmt":"2024-06-27T21:48:19","guid":{"rendered":"https:\/\/olduvai.ca\/?p=68750"},"modified":"2024-06-27T16:48:19","modified_gmt":"2024-06-27T21:48:19","slug":"debt-brakes-and-treaty-requirements-about-to-smash-the-eu","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=68750","title":{"rendered":"Debt Brakes and Treaty Requirements About to Smash the EU"},"content":{"rendered":"
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Debt Brakes and Treaty Requirements About to Smash the EU<\/a><\/h3>\n<\/div>\n<\/div>\n
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The EU has launched an Excessive Debt Proceeding against France. It won\u2019t stop there.<\/p>\n

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Debt Proceedings<\/strong><\/p>\n

Please note the\u00a0EU Rebukes France, Italy and Others Over Excessive Debt<\/a>.<\/p>\n

The assessments of the 27 EU states\u2019 budgets and economies will be published by the European Commission on Wednesday, with France, Italy and Belgium among the member states to be reprimanded over their accumulated excessive new debt.<\/p>\n

The Commission said it was satisfied that \u201cthe opening of a deficit-based excessive deficit procedure is warranted\u201d in the case of seven countries. The group also included Hungary, Malta, Poland and Slovakia.<\/p>\n

The EU suspended debt and deficit regulations to help countries cope with the economic fallout of the COVID-19 pandemic and Russia\u2019s invasion of Ukraine.<\/p>\n

The rules are now back in place and now any EU country going over debt and deficit limits run the risk of legal action.<\/p><\/blockquote>\n

EU\u2019s Golden Rules<\/strong><\/p>\n

According to the reformed rules,<\/a>\u00a0an EU member state\u2019s debt may not exceed 60%\u00a0of gross domestic product (GDP).<\/p>\n

Highly indebted EU\u00a0countries with debt levels over 90% of GDP have to reduce their debt ratio by one percentage point annually, countries<\/p>\n

Additionally, the general government deficit \u2014 the shortfall between government revenue and spending \u2014 must be kept below 3%.<\/p>\n

According to the commission\u2019s economic forecast, France is at -5.5%, Italy is at -4.4% and Belgium is at -4.4% and will breach this deficit limit in 2024.<\/p>\n

Austria, Finland, Estonia, Hungary, Malta, Poland, Romania, and Slovakia also have deficits that are too high according to the rules. Spain is at exactly -3.0%.<\/p><\/blockquote>\n

Snap Elections<\/strong><\/p>\n

French President Emmanuel Macron was hammered in the European Parliamentary elections as expected in this corner, and generally elsewhere.<\/p>\n

Winners: The Far Right<\/p>\n

Losers: Renew Europe (Macron), and the Greens.<\/p>\n

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The response by Macron caught everyone off guard. He dissolved parliament and called for snap elections.<\/p>\n

…click on the above to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Debt Brakes and Treaty Requirements About to Smash the EU The EU has launched an Excessive Debt Proceeding against France. It won\u2019t stop there. Debt Proceedings Please note the\u00a0EU Rebukes France, Italy and Others Over Excessive Debt. The assessments of the 27 EU states\u2019 budgets and economies will be published by the European Commission on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[195,279,2535,284,14648,13390],"class_list":["post-68750","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-debt","tag-eu","tag-european-commission","tag-european-union","tag-michael-shedlock","tag-mishtalk"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68750"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68750\/revisions"}],"predecessor-version":[{"id":68751,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68750\/revisions\/68751"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}