The EU can impose a fine on Portugal and Spain for insufficient efforts to reduce deficits in their budgets. On Tuesday, the Council of Ministers of economy and Finance of the countries of the European Union (ECOFIN) issued a press release which stated that Portugal and Spain had not taken effective action.
The penalty can be 0.2% of the GDP of these countries.
Within 20 days, the Commission must submit a proposal for sanctions to be reduced or even be zero.
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