EU declares eurozone Malta back inside deficit limits
(BRUSSELS) - The European Union declared Tuesday that the eurozone Mediterranean island economy of Malta was officially back within bloc deficit limits, a rare bright light after three years of the debt crisis.
Finance ministers, who otherwise saw talks prolonged on a flagship plan for the European Central Bank to supervise banks across the eurozone, agreed to close the book on action taken against Malta in July 2009.
Roundly ignored by almost all member states since the global financial crisis of 2008 morphed into a sovereign and banking debt panic that brought Greece and others nearly to their knees, EU rules say government deficits must fall below three percent of gross domestic product.
Ministers "adopted a decision closing the excessive deficit procedures for Malta, confirming that it has reduced its deficit below three percent of GDP, the EU's reference value," a sober statement said.
The EU had initially called for correction in 2010.