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People could not meet their fiscal obligations".
Some countries had extraordinary success in tightening their fiscal balances.
Most states begin their fiscal years on July 1.
"It demolishes their fiscal credibility," the assemblyman said.
Governments have been forced to make additional cuts on spending as their fiscal revenues have declined.
Statistics show that countries comply with their fiscal rules only in about 50% of the years.
"It would be a huge shock to their fiscal and trade systems," he said.
Countries under assistance are improving their fiscal situation and regaining competitiveness.
Similar(3)
Rich countries have included discriminatory procurement provisions in their fiscal-stimulus bills and offered subsidies to ailing national industries.
Companies will have seven months after the end of their fiscal year to file their forms.
The vast majority of states start their fiscal year on July 1.
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