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EU pressures 5 countries to cut deficits

EU pressures 5 countries to cut deficits

23 November 2011 09:22 (UTC +04:00)

Olli Rehn warned Belgium, Cyprus, Hungary, Malta and Poland may be the first to get penalized under the EU’s strengthened stability and growth pact set to come in force in mid-December.

Under the new rules, sanctions for countries that break the caps on budget deficits and debt levels become more automatic, in an effort to prevent a worsening of the debt crisis.

Rehn said "What we need now is unwavering implementation... I will start using the new rules of economic governance from day one."

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