EnglishGreece may become the first member country of the European Union which could be penalized for inadequate budgetary policies, if it does not implement the austerity measures intended to cut its deficit.
The ministers of Finance of the Eurozone are ready to impose sanctions on Greece, which could go as far as levying fines, if Greece does not implement tighter budgetary policies, sources close to the situation said, quoted by the international press.
In 2009, Greece had a budget deficit of 12.7%, far above the maximum limit of 3% allowed by EU regulations.
Such sanctions could be the last step towards the excessive deficit proceedings, which is usually launched in the case of countries that exceed the maximum allowed budget deficit. Excessive deficit procedure is considered the "nuclear weapon" in the EU"s policy toolkit.
Ministers of Finance of the Eurozone are unhappy that the government in Athens deliberately misled the EU over the course of several years on the size of their budget deficit.
In the coming weeks, the European Commission will prepare recommendations for Greece to help the country reduce its budget deficit below the levels accepted by the Union and will set a deadline for their implementation.
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