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Czech Premier Says Deficit Would Double If EU Stops All Funds

May 24 (Bloomberg) -- The Czech public-finance deficit would double to as much as 6 percent of economic output if the European Union withheld all funding payments the state budget is based on, Prime Minister Petr Necas said.

The EU has asked Prague to take corrective measures in management and control systems related to the use of its funds before it resumes payments to Czech programs, Jose Manuel Barroso, European Commission president, said at a joint news conference with Necas in Brussels today.

Necas’s Cabinet plans to narrow the deficit to 3 percent of gross domestic product this year, from 3.1 percent in 2011.

To contact the reporter on this story: Jones Hayden in Brussels at jhayden1@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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