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US budget gap narrows as April posts surplus

The United States's yawning annual budget deficit narrowed in April as government coffers brimmed with the largest monthly surplus in five years, official data released Friday showed. The federal budget had a surplus of $112.9 billion for the month of April, as tax payments surged ahead the mid-month due date for annual income tax filings for 2012, according to Treasury Department numbers. The surplus was almost double the $59.1 billion surplus registered in April 2012.

Greek minister sees market return as jobless rate rises

Greece's finance minister on Thursday said the debt-wracked country must return as planned to sovereign bond markets next year as new data showed the record jobless rate climbing further. "I hope that Greece will return to markets at the end of 2014, after we have achieved a primary surplus and growth," Stournaras told state television NET in an interview.

Greek budget on track to meet fiscal targets

ATHENS (Reuters) - Greece stayed on track to meet its fiscal targets in the first four months of the year, helped by cuts in public spending and investment, the finance ministry said on Friday. The primary central government deficit, which excludes local authorities, social security organizations and interest payments, narrowed to 330 million euros ($430 million) from 1.7 billion in the same period last year. That compares with an interim target for a deficit of 3.6 billion euros, it said.

Britain's Osborne says G-7 committed to shoring up global growth after 2 days of discussion

AYLESBURY, England - Japan convinced its partners in the Group of Seven leading industrial economies Saturday that it was not manipulating its currency as part of its bold attempt to get its economy out of a near two-decade period of stagnation.

Slovenia postpones parliament vote on budget cap until late May

By Marja Novak LJUBLJANA (Reuters) - Slovenia postponed on Tuesday a parliamentary vote on setting a cap on the budget deficit until later in May, after parties failed to agree the terms of the so-called golden fiscal rule. The euro zone state, which is battling to shore up its finances to avert a bailout, had pledged to set the cap by the end of May but the government and opposition are at odds over when it should be introduced.

US Treasury reports $113B surplus in April, biggest in 5 years; helps lower US deficit

WASHINGTON - The U.S. Treasury said Friday that it took in a rare surplus of $113 billion in April, the largest in five years. Steady economic growth and higher tax rates have boosted the government's tax revenue, keeping this year's annual budget deficit on pace to be the smallest since 2008. A smaller deficit is also likely to give negotiators more time to work out a deal on raising the nation's borrowing limit. Through the first seven months of the budget year, the deficit was $488 billion. That's lower than last year's deficit of $720 billion over the same period.

Japan central gov't debt at 991.6 trillion yen at end-March

Japan's central government debt stood at 991.6 trillion yen ($9.79 trillion) as of the end of March, down from an all-time high of 997.2 trillion yen three months earlier, the Finance Ministry said Friday. The first decrease in debt in four years came as the government curtailed issuance of financing bills for short-term financing needs in the January-March period.

Eurozone Slovenia announces austerity measures to avoid international bailout

LJUBLJANA, Slovenia - Slovenia's government announced Thursday an austerity plan designed to raise 540 million euros ($707 million) in new taxes as part of an effort to balance the budget and avoid seeking an international bailout. The small Alpine country, once a model of socialist economy, is racing to convince investors it has a credible strategy for raising the funds to stay solvent and avoid becoming the fifth euro country after Cyprus to ask for financial aid.

Italy deputy econ minister calls for more time on deficit goal

MILAN (Reuters) - Italy should seek two more years to meet its deficit targets, new deputy economy minister Stefano Fassina said in a newspaper interview on Sunday, underscoring splits within the ruling coalition on the central issue of austerity versus growth. "I consider it absolutely necessary," Fassina, a leading critic of Europe's austerity programs, told La Repubblica daily.

Russia extends Cypriot loan by 2 years, cuts interest: troika document

BERLIN (Reuters) - Russia has agreed to extended the maturity and reduce the interest on its loan to Cyprus, a document prepared by international lenders showed, providing additional but expected financial relief to the island on top of an EU-IMF bailout. Cyprus had complied with all conditions set by international lenders for the first 3 billion euros of the 10 billion euro bailout to flow to Nicosia later in May, said the April 30 document, drawn up by the troika of the European Central Bank, the European Commission and the IMF.
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