Eu Commission Refrains From Fining Spain, Portugal

BRUSSELS (AP) — The European Union's executive refrained Wednesday from calling for heavy fines against Spain and Portugal for breaching budget rules and sought instead to set "new fiscal paths" for the two countries. Even though it said it was within its rights to call for heavy fines, EU Commissioner Pierre Moscovici cited the current anti-EU mood in parts of the 28-nation bloc as a reason to hold back. The EU Commission could have called on member states to sanction the two nations — which would have been a first — for allowing their budgets to be above the EU limit of 3 percent of GDP for years. The Commission said that considering "the challenging economic environment, both countries' reform efforts and their commitments to comply with the rules," it suggested there be no fines. Spain's acting deputy Prime Minister Soraya Saenz de Santamaria welcomed the decision, saying the decision showed a "recognition of the reforms carried out and the effort made to control the deficit in seriously difficult times."

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More World News