Sunday

25th Sep 2016

Ticker

EU triggers sanction process over Spain and Portugual deficits

Spain and Portugal have failed to take effective action to correct their excessive deficits, the EU Council of finance ministers has said. The decision, which will trigger sanctions under the excessive deficit procedure, was expected after eurozone ministers on Monday agreed to support the European Commission's recommendation on the issue. The commission will now propose sanctions but several EU officials suggested the sanctions may be only symbolic.

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