EU may take action against Greece

The EU’s executive may take legal steps against Greece for violating accounting rules, which led it to sharply underestimate budget deficits, Economic and Monetary Affairs Commissioner Joaquin Almunia said on Thursday.

The EU’s statistics agency, Eurostat, revised upwards its estimates for Athens’ budget deficits, showing that from 2000 to 2003 they topped the EU’s limit of 3% of gross domestic product each year, including 2001 when Greece joined the euro.