The European Union (EU) has warned Greece, it warned Italy, it said on Tuesday that the EU will impose sanctions on the country, even if the country fails to comply with austerity measures announced on Monday.
A statement issued by the EU’s executive arm, the Council of the European Union, also warned that if Greece did not comply with its austerity plans, the EU would impose sanctions.
It is an important moment for the Greek people, the statement said, adding that “the European Union and its member states must now work together to reach a sustainable agreement on the future of the Greek economy.”
The Greek government has called for an economic revival in the country that has been hit by a severe economic downturn and is struggling to get its finances back on track.
The European Union has said that it will impose a total of 3.2 billion euros ($3.8 billion) in sanctions on Greece over the next two weeks, with an additional 3 billion euros targeted for the first half of 2018.