Eurozone launches sanctions procedure against Spain, Portugal on deficits
Eurozone
Brussels - Arab Today
Eurozone finance ministers on Tuesday formally agreed to officially begin a sanctions procedure against Spain and Portugal for doing too little to fix their rule-breaking deficits.
The ministers meeting in Brussels found the two countries had "not taken effective action" and the decision "will trigger sanctions under the excessive deficit procedure," a statement said.
Spain and Portugal now have 10 days to lobby the EU to impose no penalty.
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