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EU should suspend funds for Spain, Portugal: letter

The EU should suspend structural funds to Spain and Portugal after they failed to rein in their debt, according to a letter from the European Commission seen by AFP. Eurozone finance ministers agreed this month to impose unprecedented sanctions against Spain and Portugal for overstepping the bloc’s budget deficit limits. European Commission vice president Jyrki Katainen said “socio-economic factors,” including the Iberian countries’ high rates of unemployment, should be taken into account when deciding how much to suspend.

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