BUSINESS

Austrian minister criticizes Geithner debt crisis advice, refusal to consider transaction tax

09/16/2011 07:16 EDT | Updated 01/12/2012 01:34 EST
WROCLAW, Poland - Poland's finance minister says that after a yearlong dispute his European Union counterparts have signed off on tougher budget rules that punish overspending governments.

Jacek Rostowski said Friday that the 27 ministers approved a compromise that Polish officials had worked out with the European Parliament earlier this week.

Under the new rules, it will be easier to put sanctions on governments that breach the EU's limits on debts and deficits. Governments who ignore warnings that they risk breaking debt rules can also be punished.

Rampant overspending has come into focus during the eurozone debt crisis, which has already pushed three states into multibillion euro bailouts.

The parliament succeeded in centralizing the sanctions rules that states had tried to water down.