Cyprus is also under surveillance, warns Brussels

The European Commission forecasts a deficit of 4,8% for Cyprus and today announces its forecasts for 2012, calling on Cyprus to adopt fiscal consolidation measures immediately, as the pending issues and announcements do not satisfy the EU. F "indicate that Cyprus is now entering deep waters of surveillance from Brussels.
Based on the recommendations of the Commission, the Cypriot economy is obliged to exit the excessive deficit process by the end of 2012, reducing its budget deficit below the maximum value of 3%.
Meanwhile, negative implications are emerging from the new downgrade of the Cypriot economy and Cypriot banks by Moody's. Money will become even more expensive for everyone and the risk of a prolonged recession becomes more visible. Source: LIBERAL