The European Commission said that by April 1 it plans to issue its decision on whether European Union member states can securitize unpaid taxes to raise cash to cut their budget deficits. The same deadline is set for EU member states to report debt and deficit figures for 2005. Greece, which has its own securitization of unpaid taxes awaiting the decision, reported on Friday that it had already received preliminary approval from the Commission to use securitization proceeds for budget revenue. However, a spokesperson for the Commission could not confirm whether or not the deal had been approved.

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