Six new members to face spending rap

Six of the ten countries who joined the European Union last week are to be warned that their budget deficits are too high, according to Spanish press reports.

The warnings mark the first step in a disciplinary procedure designed to limit budget deficits - or surpluses - to less than three percent of GDP.

In theory repeated transgression from these rules could result in massive fines, however no such fines have ever been imposed and the new members are likely to be given significa...