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Govt approves measures for euro in 2016-2017

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The Czech Republic’s caretaker cabinet approved a plan on Monday to cut the public sector deficit in the coming years so the country can adopt the euro by 2016 or 2017. The plan follows a demand from Brussels for Prague to cut its wide fiscal gap to the EU-prescribed level of 3% of GDP by 2013 and comes ahead of a May general election in which parties have clashed over whether tightening belts or spending more is the best way to recover from the global economic crisis.

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