The EU adopted sanctions against Spain and Portugal

Now you may be running a procedure for imposing a penalty on those countries, which can amount to 0.2 percent of their GDP.

Spain and Portugal took insufficient measures to reduce the deficits of their budgets, decided the Council of Ministers of economy and Finance of the countries of the European Union (ECOFIN).

“The Board felt that Portugal and Spain had not taken effective action,” – said in a press release.

This means that now may be running the procedure for imposing a penalty on those countries, which can amount to 0.2 percent of their GDP.

The Commission shall within 20 days submit proposals for sanctions to be reduced or even be zero.

In turn, Spain and Portugal have the right within ten days to submit a reasoned request for reduction of fines.

If they do, the Council of the EU will be another ten days for the final verdict.

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