Brussels - Acknowledging the extraordinarily adverse impact of the economic downturn on European Union governments' public accounts, the bloc's executive in Brussels on Tuesday granted France, Britain and three other member states more time to correct their swelling budget deficits.
France, whose budget deficit to gross domestic product (GDP) ratio reached 3.4 per cent in 2008 and is set to hit 5.6 per cent this year, was given until 2012 to bring its deficit below the 3 per cent limit set by EU rules.