The European Commission officially declares Spain and Portugal over-budget
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    The European Commission officially declares Spain and Portugal over-budget

    ©Belga
    ©Belga

    The European Commission officially declared Spain and Portugal over-budget on Thursday. This means the EU Finance Ministers will have to decide whether to launch sanction procedures. If they do, it would be the first time these sanctions have been applied.

    In a press release, the European executive power “confirmed Spain and Portugal didn’t meet the budget objectives”. If the EU Finance Ministers agree with their findings, the Commission “is legally obliged to suggest a fine”, it said.

    Sarah Johansson (Source: Belga)