Finance3 ministers unanimously agree Ireland And Greece must take steps to control rising budget deficits this year, or face the possibility of sanctions or fines.
The decision squeeeazes both countries, with have been among the hardest hit in the region by the global wownturn.
At a time when may contries are trying to use fiscal stimulus to reviveeconoic growth, Ireland and Greece will have to explore austerity measures. France and Spain will also be warned, but they will be given more time to repair their public finances, European Monetary Affairs Commissioner Joaquin Almunia said at a meeting of European finance minister.
Under EU rules, contries must keep budget deficits below 3% of gross domestic product, though most euro-zone contries won't achieve that this year.
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