Tuesday, January 18, 2005 Associated Press EU Tells Greece to Get Economy in Shape
The European Union raised the pressure on Greece Tuesday, saying it faces a hefty fine because its 2005 budget deficit will be 3.6 percent of gross domestic product - well over the maximum 3 percent allowed under the stability rules of the euro.
EU Finance Commissioner Joaquin Almunia is to recommend austerity measures for Greece that must be approved by the EU finance ministers.
Never since the euro came into circulation in 2002 has the EU gone so far in taking legal steps against a violator of the currency's stability rules.
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