European Commission Slaps Greece with Nearly €400 Million Fine Over Agricultural Subsidy Fraud
The European Commission has imposed a fine of nearly €400 million on Greece over a major scandal involving the mismanagement of EU agricultural subsidies
Greece to Face EU Sanctions if Budget Cuts Not Increased
World | February 16, 2010, Tuesday // 11:41
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Public servants march in central Athens, Greece, during a demonstration on 10 February 2010. Public workers went on strike to protest tough government measures, including salary freezes and tax increases. Photo by EPA/BGNES
Greece has been told that it must make further spending cuts or face sanctions, the eurozone chief has said.
Jean-Claude Juncker told German radio that Greece must understand that other eurozone members are not prepared to pay for its mistakes.
After the European Union vowed to helped Greece last week, the tone has turned harsher this week as talk of a bail-out proves unpopular, the BBC reported.
Greece's woes have sent the euro down to a nine-month low recently.
Juncker - chairman of the 16 nations that share the single currency and also Luxembourg's prime minister - has said Greece agreed to outline additional cuts in March if necessary.
He added that further measures would be imposed if Greece's debt reduction plans were not shown to be on target by 16 March.
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