EU legislators clash with officials over austerity policy
Jerome Hughes
Press TV, Brussels
EU Finance Commissioners Pierre Moscovici and Valdis Dombrovskis took a tough stance against Greece and other eurozone countries during a debate in the European Parliament in Brussels. The pair warned some EU member states that they may face large fines unless agreed economic cutbacks are implemented.
The European Commissioners also warned Greece that it needs to produce credible economic reform proposals shortly in order to release a bailout fund of €7.2bn. Experts say Greece is rapidly running out of money. It has to pay civil service salaries and pensions this month totalling €2.4bn and Athens is also supposed to pay back €1bn to the International Monetary Fund before May the 12th. Many EU legislators argue that Greece and other eurozone countries have suffered enough austerity.
But the European Commission argues that its structural reform policies are beginning to work because there has been a slight fall in unemployment.
At the core of European Commission President, Jean-Claude Juncker's plan to try and kickstart the eurozone economic is a highly ambitious investment strategy. However, it is not going too well. Of the 28 EU countries, so far, only five have contributed a combined total of €25bn to Juncker's plan despite his target being €315bn.
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