Posts by tag: Greek Prime Minister Lucas Papademos

Archives November 10, 2011 posted by

Cyprus could face EU fines for failing to tackle deficits

Cyprus could face EU fines for failing to meet its shared commitments on debt and deficit ceilings after being singled out by EU Commissioner Olli Rehn during an EU financial forecast presentation today.

Rehn said Cyprus – along with Malta, Belgium, Hungary and Poland – has failed to tackle its excessive deficits and would be receiving stern letters from Brussels in the coming days.

“I have already given an early warning to the ministers of these countries during the last Ecofin Council (held on Tuesday) and will be sending letters with our requests to these specific member states,” Rehn said.

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