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| | RADIO FREE EUROPE/ RADIO LIBERTY |
 | | Pedro Solbes, the European Union's commissioner for monetary and economic affairs, issued a strongly worded warning to Germany, France, and Italy yesterday to act on their burgeoning budget deficits. |
 | | Pedro Solbes, the EU's commissioner for the economy, yesterday warned the three largest euro-zone economies, Germany, France, and Italy, that they cannot "spend their way out of the slowdown," adding that short-term benefits of expansionary budgets would be outweighed by medium-term costs. |
 | | Solbes yesterday gave Germany four months to present a program for reducing its budget deficit from 3.8 percent of gross domestic product in 2002 to under 3 percent this year, as required by the Stability and Growth Pact underpinning the euro. |
| www.rferl.org /features/2003/01/09012003172541.asp (695 words) |
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