As per the rules established to escape financial crises, European Union authorities have warned eurozone countries including France and Italy to submit their draft budgets by the end of the day.

European Union Officials ask for draft budgets

European Union Officials ask for draft budgets

A threatening debt crisis that arose five years ago in the Greek finances has led to the decision that the member states of the currency bloc should submit their draft budgets to the European Commission, the executive arm of the European Union by mid- October. Austria, Latvia, Finland, Germany, Slovenia, Spain, Netherlands, and Slovakia have already handed in their budgets and the countries including France and Italy had not and notably, these countries have concerns of the economy greater than the others.

Spokesman for the European Commission Simon O’Connor said that the documents have to be sent to the Commission, during a news conference. He also said that there are no sanctions for missing the deadline, however the commission doesn’t expect the countries not to comply with the requirement. O’Connor also stressed that tougher rules to review the budgets are recommended and accepted by the member states and hence they will have to comply with whatever they have accepted to.

Only Greece and Cyprus are exempt this time from submitting the budget as they are already put under scrutiny as they are going through an international bailout programs to survive the financial crisis. The rest of the 16 countries that use the single currency are required to submit the draft budget. If the commission thinks the eurozone countries should make changes in their budgets to make it in line with the European Union rules, they will have to make changes to it and resubmit it by the end of October.

“The government is reneging on its past commitments with a bewildering lack of compunction”, said Bruno Cavalier, the chief economist for Oddo Securities.