The European Commission initiated a procedure for excessive budget deficit against Cyprus

The European Commission initiated a procedure for excessive budget deficit against Cyprus, Finland, and Denmark. This makes Luxembourg the only eurozone country without a procedure for excessive budget deficit against it. The EU financial ministers will have a summit on July 13, when they will decide the austerity measures, which Cyprus, Finland and Denmark have to adopt. Cyprus will have to lower its budget deficit below 3% of the GDP until the end of 2012, and below 6% until the end of 2010.