The European finance ministers will begin the process of sanctions against Spain and Portugal – The World

Le Monde | 13/07/2016 at 6:46 • Updated 13/07/2016 at 6:53 | By Cécile Ducourtieux (Brussels, European Office) and Sandrine Morel (Madrid, correspondence)

Although the Brussels leaders have done everything to mitigate the scope, triggering a sanctions procedure against Spain and Portugal, Tuesday, July 12 in Brussels by the finance ministers of the European Union, has nevertheless caused many reactions.

This process, completely new, is the result of shared observation by all the major European bankers, Madrid and Lisbon that have not fulfilled their commitments under the stability and growth Pact in 2015. This year, Spain recorded a deficit of 5, 1% of its gross domestic product (GDP), well above the 4.2% expected by Brussels: Portugal pointed it at 4.4% deficit instead of 2.7% forecast

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the Commission has 20 days to write an “recommendation” of sanctions, ranging from 0 to 0.2% of GDP of the countries concerned. It must be validated by the finance ministers. And if they oppose, they should bring it to a reversed qualified majority. For their part, Madrid and Lisbon have ten days after the conclusion of fiscal slippages, and hope to justify the leniency of the EU executive.

Portuguese singled out

“It is unjustified and against-productive to apply any sanctions in Portugal “, launched the country’s prime minister, the Socialist Antonio Costa told journalists in Lisbon Tuesday, assuring that his country would bring its public deficit below 3% of GDP this year, “without resorting to …