France and Germany under cosh over deficit

FRANCE and Germany are expected to come under the most concerted pressure yet from other EU finance ministers over their plans to exceed the Stability Pact for a third year and face multi million euro fines.

The meeting of finance ministers in Italy today and tomorrow comes as the European Commission lowered its growth predictions for the third time this year to a meagre 0.5%.

Data on Tuesday showed the eurozone was close to recession.