Brussels to pursue Greece and Hungary for breaking euro rules

EUobserver ^ | Dec 26 2004 | Richard Carter

[SunkenCiv]

The European Commission is set to pursue disciplinary proceedings against Hungary and Greece for breaking the rules underpinning the euro... The budget deficits of both these countries clearly surpasses the three percent limit set by the EU's Stability and Growth Pact and the Commission will rule today (22 December) that they have not taken sufficient measures to reduce them, according to AFP... Brussels is expected to suspend disciplinary procedures against Poland, the Czech Republic, Slovakia, Cyprus and Malta... Brussels has recently suspended this disciplinary procedure against France and Germany, judging that the two heavyweights of the euro zone are on target to move under the three percent level in 2005... Portugal's Prime Minister Pedro Santana Lopes, said that his government will take emergency measures to avoid breaking the Stability Pact after Brussels ruled a planned sale of government property invalid.

[SunkenCiv]

Cue the theme music for "Adventures In Paradise"...

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[SunkenCiv]

Ping!

[aynrandfreak]

France & Germany have both repeatedly broken the 3% threshold, yet somehow the EU seems to give those two a pass every year.

[facedown]

You're absolutely correct. The wiggle factor is ...that they have not taken sufficient measures to reduce them...

[philetus]

Boil them Brussels in Greece and you won't be Hungary anymore.

[mtbopfuyn]

Hahahaha! Anyone taking bets on how long this silly EU thing will stay united?

[dufekin]

I think that's exactly why Bush is trying to push Turkey into it. Compel it to enlarge until it disintegrates into a loose alliance instead of a megastate.

[dufekin]

I think that's exactly why Bush is trying to push Turkey into it. Compel it to enlarge until it disintegrates into a loose alliance instead of a megastate.

[Arkie2]

Pretty soon they'll have some Turkey to go with that. Ummmm!

[sgtbono2002]

What a jkoke the EU is They want to bun Greece and Hungary while they let the Frogs and the Krauts slide. Who really runs the EU Thats right folks France and germany , the rest are just along for the ride and are too stupid to realise it.

[Red6]

I forget if it was Portugal or Spain but one of those two had to pay huge fines years ago because they exceeded the limit one year. Now that Germany and France are exceeding the limit the rules appear to change. Of course Germany is now failing the 3% test (I think) for the third year straight. But no problems, "They're on track fixing it" (Sarcasm).

There are more examples of how the big players are making their own rules as they go. But again, just as with Turkish EU membership, many in the EU are "supranationalists" and believe in a EU to the extent that they will overlook this all in the hopes of moving forward with this dream.

Red6

[26lemoncharlie]

It seems as though France, Germany and Belgium have discovered a way to RULE all of Europe without an invasion. These Slick Willie's are escuseing themselves fromt the RULE --( as usual), while the rest of the EU convert's toe the line or pay the price!!

Indeed, how long will they allow this to happen? What is the price that they are to pay? It will be interesting to watch the EURO slugfest once it begins. The Italian PM knew what he was doing by cutting the taxes, but the Italian people went with the Socialist Tax and spenders. They will learn a hard lesson very soon.

How do these countrie drop out of the EU anyway? does anyone know?

[investigateworld]

Cue the Benny Hill music ping

[The Great RJ]

This is the Achilles heel of the Euro currency. If this committee can do little but "jaw bone" to enforce economic norms, there is little chance they will succeed. I have long believed that the Euro will be taken down by the collapse of one or more of the member economies driven by their socialist governments.

[spokeshave]

Add Ireland in for good measure.....they cut their taxes much to the chagrin of the Brussels bureaucrats.

Note how all the "little people" get slammed

[spokeshave]

Poland, the Czech Republic and Slovakia...Ehh.!

Seems the leftie beaurocrats in Brussels want to punish some of the coalition of the willing.

Note that Greece overspent by the previous leftie PASOK administration (as well as Olympics spending) that was subsequently booted out.

Looks like the leftie beaurocrats in Brussels have found a tool to take down governments they don't like.

[monkeyshine]

France and Germany, judging that the two heavyweights of the euro zone are on target to move under the three percent level in 2005...

Wanna bet? I'm giving 2 to 1. US dollars only, please.

[monkeyshine]

Any other recipes we should Czech out? Maybe you got one for a chocolate Malta? Or do you think that wouldn't be Germane to this thread?

[SunkenCiv]

Good comments, all. Update.

Ministers clinch deal on euro rules reform
by Richard Carter
21.03.2005

The main sticking point during negotiations was a debate over what factors should be considered when deciding whether to punish a country in breach of the rules – as France and Germany have been for three consecutive years... Smaller member states felt that there were too many exceptions on the list and bigger states – notably France and Germany – felt that there were too few. This row was solved by the removal of the list from the proposal... The Pact has also been softened in terms of the amount of time a member state is allowed to correct its deficit problem... The only finance minister not entirely happy was Austria’s Karl-Heinz Grasser, who has consistently argued that the Pact should not be loosened.

[SunkenCiv]

Greece one step away from massive fines
EU Observer | Feb 17 2005 | Richard Carter
Posted on 02/20/2005 8:25:42 PM PST by SunkenCiv
http://www.freerepublic.com/focus/f-news/1347592/posts