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German central bank rejects Spain, Portugal deficit clemency

Spain and Portugal have been under the EU's excessive deficit procedure since 2009 because of recurrent fiscal holesGermany’s central bank chief Thursday blasted the European Commission for failing to impose a fine on Spain and Portugal over their overly high deficits. In my opinion, the Commission and the European Council aren’t consistent enough,” Bundesbank (central bank) president Jens Weidmann told German weekly Die Zeit and Italian daily Corriere della Sera. Commissioners agreed in July to allow both Madrid and Lisbon to dodge a fine that is supposed to be imposed on member states that exceed a budget deficit ceiling of 3.0 percent of GDP.

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