The 16 nations that use the euro are Tuesday expected to agree deadlines for most of them to reduce budget deficits that are well above the EU budget rules that underpin their currency.
It is the first major step most of the eurozone countries will make toward paying off the massive debt built up by spending billions of euros (dollars) rescuing banks and paying welfare to the growing number of the unemployed during the economic downturn.
The move would also come just days after Dubai's announcement that it is having trouble handling its debt shook financial markets and raised concerns about other heavily-indebted economies, such as Greece.
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