European Commission chief proposed criminal penalties for finacial sector violations

On October 16, 2011, the head of the European Commission (EC) proposed creating criminal sanctions for white collar criminals that harm the financial sector of member nations. A month prior, a German high court had rejected constitutional challenges against an EU rescue and financial aid package given to Greece. In June 2011, Greece had proposed a constitutional referendum to eliminate the systematic governmental inefficiency that led to the national financial crisis. In June 2012, the EC announced a new round of regulations aimed at addressing future financial crises.

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