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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