The EU Growth and Stability Pact requires all EU countries to keep budget deficits below 3%.

欧盟《增长与稳定公约》要求所有的欧盟国家将预算赤字保持在3%之下。

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Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15% of GDP.

FORBES: Greece

Furthermore, both France and Germany have already undermined their credibility as Europe's leaders by having blatantly breached the EU's stability pact with their big budget deficits.

ECONOMIST: A constitution in tatters

The Republic of Ireland has voted on whether to ratify the EU's Fiscal Pact, which sets strict limits for countries' budget deficits.

BBC: Ireland votes on EU fiscal pact