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EU Ministers Approve Disciplinary Action Against Greece

European Union finance ministers have agreed to pursue disciplinary action against Greece for failing to control its public spending.

EU officials say Greece could face financial sanctions if it fails to reduce its public spending.

The decision by the ministers, who met Tuesday in Brussels, follows a recommendation by EU Finance Commissioner Joaquin Almunia.

Last month, Mr. Almunia said Greece is not doing enough to bring its budget deficits back below three percent of gross domestic product in the coming year. The three-percent mark is a crucial requirement for countries using the common euro currency.

Greece recently admitted it has run budget deficits over the three-percent bar for several years, and that it gained admission to the euro zone in 1999 on the basis of incorrect budget figures.

Some information for this report provided by AP and AFP.