EU Commission Seeks Sanction on Spain, Portugal on Deficits
07 Jul 2016

Spain and Portugal were hit by a European Union move to fine them for breaching budget deficit limits in an unprecedented step to enforce rules designed to avert another debt crisis.

European finance ministers must now decide whether to back the proposal by the European Commission. Should the recommendation be approved, it would have 20 days to propose fines that could reach as high as 0.2 percent of gross domestic product, and a suspension of some regional funds. The penalties could be reduced or canceled for “exceptional” circumstances, according to a statement.

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