Public sector deficits in some EU countries, including the Republic, could rise by as much as 0.2 per cent of gross domestic product if a proposed change to EU accounting rules is adopted by finance ministers, investment bankers have claimed. Under the proposal, to be considered by a committee of national debt managers in Brussels on Monday, governments would have to alter the way they account for currency swaps arising from bond issues. This would have the biggest impact on countries that borrow heavily in foreign currencies.