The outgoing Commissioner for Economic Affairs, Joaquín Almunia has defended the European Commission's response to the deepening financial crisis in Greece.
Commissioner Almunia said he fully supported the tough measures introduced to try and reverse Greece's budgetary deficit, currently standing at £259bn, the highest in the Eurozone.
George Papandreou, the country's prime minister, has set in place a public sector pay freeze and increases in fuel duty.
However these so-called "austerity measures" have led to strikes by Greek customs and tax officials with threats of further strikes and protests by public sector workers.
Its deficit is four times higher than the levels permitted by Eurozone rules, however the European Commission has ruled that there is "no question" of Greece being forced to abandon the currency.
Veteran far-right French MEP Jean-Marie Le Pen railed against the "anglo-saxon" financial method of offering subsidies to the banking sector, which he said was leading to economic crises all over Europe.
Concerns were also raised about the economic situation in Portugal and Spain which both have growing financial deficits.
© European Parliament, BBC
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