EU Pushes for Deficit Cuts to Ease Crisis

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European Union member nations are pushing for deep cuts in their budget deficits.

They are trying to restore confidence in their ability to bring their national debts under control to strengthen their economies and restore investors faith in the euro.

However, the 16 countries that use the currency are worried that spending cutbacks could damage the growth of the economy. Those countries are asking the EU's executive commission to determine which of them can afford to quickly reduce debt without completely slowing their economies.

The EU's currency has collapsed in recent weeks, falling to its lowest level against the dollar in four years.

Cutting those deficits would also cut the chance that other European countries would need a bailout.

"We must now show that we are dealing with the crisis, defending the euro, but without letting matters rest - that we erase the causes of the crisis permanently," German Finance Minister Wolfgang Schaeuble said. "That means reducing deficits, the real cause."

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