A Marshall plan for crisis-hit countries

Published on 9 August 2011 at 12:13


"New Marshall plan offers fresh chance," announces an enthusiastic Adevărul, in the wake of a European Commission decision to reduce the level of national government contributions to EU-funded projects for six member states in difficulty: Greece, Ireland, Portugal, Romania, Hungary and Latvia. Starting in 2012, the six will provide only 5 per cent of budgets as opposed to the current requirement of 15 per cent. According to the European Commissioner for Agriculture, the Romanian Dacian Cioloş, "sovereign debt is threatening to undermine co-financed projects in countries where governments are having trouble finding the necessary resources […] The Commission initiative will make an intelligent contribution to the reduction of spending deficits and job creation, and compensate for drastic budgetary cuts." Adevărul calculates that Bucharest stands to benefit from funds of "more than 700 million euros".

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