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EU questions budgets of seven eurozone countries

Italy, the eurozone's third biggest economy, is notably forecasting a budget deficit of 2.3 percent of GDP in 2017, partly due to a deadly earthquake in AugustThe European Commission demanded “clarifications” from seven eurozone countries over their draft budgets, expressing particular concern that Italy, Cyprus and Finland are not meeting EU targets. Belgium, Portugal, Spain and Lithuania, whose budgets were flagged for different reasons, have also been sent letters by the EU executive seeking explanations.

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