Spain, Portugal off budget deficit hook

Spain and Portugal have been under the EU's excessive deficit procedure since 2009 because of recurrent fiscal holesEU member states let Spain and Portugal off the hook on Tuesday, deciding against fines for their repeated breach of budget deficit rules meant to bolster growth and the public finances. EU Commissioner for Economic and Financial Affairs Pierre Moscovici said the decision reflected “an intelligent application” of the Stability and Growth Pact which sets the fiscal rules member states are supposed to follow. The move confirms an earlier ruling by the EU Commission.

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