EU bids to bring Greek finances under control

The European Union's executive on Wednesday decided a set of measures aimed at bringing Greece's runaway budget deficit under control in a bid to stabilize the single EU currency, the euro, officials in Brussels said, DPA reported.

In October, Greece's newly-elected government revealed that the deficit was almost four times higher than the outgoing administration had said. The revelation shook international markets and caused the euro to fall against the dollar and pound.