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Belgium: Eurogroup endorses condemnation of Spain and Portugal - Djisselbloem02:15

Belgium: Eurogroup endorses condemnation of Spain and Portugal - Djisselbloem

Belgium, Brussels
July 11, 2016 at 21:13 GMT +00:00 · Published

President of the Eurogroup Jeroen Dijsselbloem said that European Union [EU] finance ministers had endorsed a European Commission condemnation of Spain and Portugal for breaching budget restrictions, during a press conference at EU headquarters in Brussels, Monday.

"There was strong support for the two Commission's recommendations [sic] today, and we agreed that we should continue swiftly with the next steps in the procedures so that we give clarity and certainty to all involved as soon as possible," stated Dijsselbloem, adding that "There was broad agreement and so the Eurozone members tomorrow in Ecofin will vote to support the commission's recommendations unanimously."

"Let me just stress that the discussion is at this stage only about whether there is effective or ineffective action in Spain and Portugal, and not on the follow up decisions on sanctions or possible sanctions or effective actions in this or coming years," continued the Eurogroup President.

The decision took place at an informal Eurogroup meeting, with the decision expected to be ratified at a follow up Ecofin (Economic and Financial Affairs Council) meeting on Tuesday. A formal ratification could open up the possibility of sanctions being imposed on the countries, which could involve penalties being imposed of up to 0.2% of GDP.

The often-broken rules on public spending in the Eurozone are heavily disputed, with both Italy and France among two of the largest Eurozone economies which regularly breach recommended deficit spending limits.

Belgium: Eurogroup endorses condemnation of Spain and Portugal - Djisselbloem02:15
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President of the Eurogroup Jeroen Dijsselbloem said that European Union [EU] finance ministers had endorsed a European Commission condemnation of Spain and Portugal for breaching budget restrictions, during a press conference at EU headquarters in Brussels, Monday.

"There was strong support for the two Commission's recommendations [sic] today, and we agreed that we should continue swiftly with the next steps in the procedures so that we give clarity and certainty to all involved as soon as possible," stated Dijsselbloem, adding that "There was broad agreement and so the Eurozone members tomorrow in Ecofin will vote to support the commission's recommendations unanimously."

"Let me just stress that the discussion is at this stage only about whether there is effective or ineffective action in Spain and Portugal, and not on the follow up decisions on sanctions or possible sanctions or effective actions in this or coming years," continued the Eurogroup President.

The decision took place at an informal Eurogroup meeting, with the decision expected to be ratified at a follow up Ecofin (Economic and Financial Affairs Council) meeting on Tuesday. A formal ratification could open up the possibility of sanctions being imposed on the countries, which could involve penalties being imposed of up to 0.2% of GDP.

The often-broken rules on public spending in the Eurozone are heavily disputed, with both Italy and France among two of the largest Eurozone economies which regularly breach recommended deficit spending limits.

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