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Belgium Reaches Accord on 2012 Budget Savings, Belga Reports

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March 11 (Bloomberg) -- The Belgian government has reached an agreement on additional savings this year to bring its budget deficit within the European Union limit amid a weaker economy, Belga reported.

At a meeting that ended late yesterday, ministers agreed to save 1.8 billion euros ($2.4 billion) and freeze some 650 million euros of expenditures, Belga quoted Premier Elio Di Rupo as saying. The austerity will enable Belgium to reach a deficit goal of 2.8 percent of gross domestic product in 2012, below the EU limit of 3 percent, the newswire said.

Details of the accord will be announced today, according to Belga.

To contact the reporter on this story: Ewa Krukowska in Brussels at ekrukowska@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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