Athens given extra year to sort out deficit problem

Greece has until the end of next year to whip its economy into shape or potentially receive multi-million euro fines from the European Commission, it was announced on Wednesday (9 February).

Brussels is taking Athens to task for its budget deficit - tax receipts minus public spending - which is almost double the maximum permitted amount of three percent of gross domestic product (GDP).

The Commission told Greece to produce measures to bring the deficit below the three percent cei...