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Moscovici: "This is not the right moment economically or politically" to sanction Spain (Photo: European Commission)

Elections buy Spain more time on EU finance rules

The European Commission on Wednesday (18 May) postponed until July a decision on whether to impose fines on Portugal and Spain for their excessive deficits.

The EU executive gave the two countries a one-year deadline to reduce their deficits and make structural reforms.

It will decide in July whether they are taking "decisive action". If it considers they are not, it will start a process to impose sanctions.

Portugal has until the end of the year to bring its deficit down t...

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Moscovici: "This is not the right moment economically or politically" to sanction Spain (Photo: European Commission)

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