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EU should dole out stricter penalties after Greece, Berlin says

AFP · 22 Feb 2010, 14:20

Published: 22 Feb 2010 14:20 GMT+01:00

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"Without a doubt, we are going to have to think about ... new rules and sanction possibilities," a spokesman for the German finance ministry told reporters in a regular briefing.

Under EU rules, a member state's budget deficit should not exceed three percent of its gross domestic product (GDP), and members of the 16-nation eurozone are in theory subject to penalties if they exceed this limit.

The global recession has pushed deficits through the roof, Germany's included, but Greece has been a case apart, with government overspending reaching 12.7 percent of output in 2009.

This has put Greek government bonds under pressure, weakened the euro and pushed the eurozone into its biggest crisis since its inception in 1999. Greece has vowed to slash spending in an effort to rein its deficit.

Story continues below…

Germany described as "speculation" on Sunday a report in news magazine Der Spiegel that the eurozone might provide Greece with €20 billion in loans and €25 billion in loan guarantees.

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Your comments about this article

18:42 February 22, 2010 by Frenemy
Interesting article on the subject:

19:34 February 22, 2010 by wassermelon
I think, it's worth to give punishments to this reckless countries.

Germany is the only country capable to guide this iresponsible neighbors.
04:41 February 23, 2010 by CalBill
Living in the U.S., with an equally irreponsible and corrupt country (Mexico, duh!) to our south, I can tell you that their problems will soon become your's. Just as Mexico's has become our's. After they borrow money from your treasury, they'll start exporting all their illiterate and unemployable citizens to your country. The concept is "well, we've screwed up our country and we're too lazy and incompetent to fix it so now we want to move to your country and ruin it also". Good luck!
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