Portuguese demonstrators protest against austerity measures in Lisbon, May 25, 2013.<\/p>\n
The European Commission has given more time to some of the European Union member states to rein in their deficit levels so that they can boost their ailing economies.\n<\/p>\n
The European Commission said Wednesday France, Spain, Portugal, Poland, Slovenia and the Netherlands were given more time to complete their austerity plans.\n<\/p>\n
As part of the European Commission\u00e2\u201e\u00a2s country-specific recommendations, the measures grant France, Spain, Poland and Slovenia two more years to bring their deficits below the EU ceiling of three percent of annual economic output.\n<\/p>\n
The Netherlands and Portugal\u00e2\u201e\u00a2s timetables were extended one year.\n<\/p>\n
The commission said in an official statement, \u00c5\u201cGiving more time for certain member states to meet their agreed objectives is designed to enable them to accelerate efforts to put their public finances into order and carry out overdue reforms.\u201d<\/p><\/blockquote>\n
The statement added that efforts to make reforms must be stepped up in order to yield the expected result within the new deadlines, and \u00c5\u201cexcessive deficits must be corrected.\u201d<\/p>\n
The Organization for Economic Cooperation and Development (OECD) said in its latest semi-annual Economic Outlook report released on Wednesday that the eurozone witnesses a 0.6-percent contraction in 2013.\n<\/p>\n
The report added that \u00c5\u201cprotracted weakness\u201d in the eurozone \u00c5\u201ccould evolve into stagnation with negative implications for the global economy.\u201d\n<\/p>\n
The eurozone is still in need of tackling problems in its financial sector that hold back the flow of credit, said OECD chief economist, Pier Paolo Padoan.\n<\/p>\n
Europe plunged into financial crisis in early 2008 and most European governments have taken tough austerity measures to contain their debt crises.\n<\/p>\n
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