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  • Spanish Minister: No EU Budget Fines for Spain, Portugal

  • Spain and Portugal broke EU rules by surpassing budget deficit limits

DAVOS/SWITZERLAND, 27JAN12 - Luis de Guindos Jurado, Minister of Economic Affairs and Competitiveness of Spain is captured during the session 'The Future of the Eurozone' at the Annual Meeting 2012 of the World Economic Forum at the congress centre in Davos, Switzerland, January 27, 2012.Copyright by World Economic by Remy Steinegger, photo: World Economic Forum/Remy Steinegger

24 of July 2016 09:18:54

MADRID — Spain's acting economy minister says he doesn't expect the European Union to fine Spain or Portugal for not reducing their budget deficits below prescribed levels.

Minister Luis de Guindos says from the G-20 summit in China that "there are considerable reasons to justify that there won't be a fine" for either Iberian country.The European Commission, the EU's executive arm, is currently considering the possibility of sanctioning Spain and Portugal for missing budget deficit targets. Last week, finance ministers from the 28-nation EU agreed that neither country had taken "effective action" to "correct their excessive deficits."Fines could amount to 0.2 percent of each country's GDP and block EU funding from the start of next year.

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