European nations need to find a "credible exit strategy" for their public finances as the aid shelled out to shore up banks could reach 16.5 percent of GDP, an EU report warned Tuesday. In its annual report on public finances, the European Commission estimated the direct fiscal costs of the current crisis in the EU anywhere in a broad band from 2.75 percent to 16.5 percent of gross domestic product (GDP).
In its annual report on public finances, the European Commission estimated the direct fiscal costs of the current crisis in the EU anywhere in a broad band from 2.75 percent to 16.5 percent of gross domestic product (GDP).
