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Czech News in English » Business » Finance » Cabinet approves debt limit to stem excess borrowing

Cabinet approves debt limit to stem excess borrowing

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The Czech cabinet approved a constitutional amendment on Monday aimed at avoiding any future explosion in government borrowing by setting a limit on state debt which governments will have to observe, a spokesman said. If approved by parliament, the bill would bring Czech law into line with the European Union’s “fiscal compact”, introduced in the wake of the debt crisis and now adopted by all member states except Great Britain and Croatia.

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