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1st LD: EU decides not to fine Spain, Portugal on overspending

Xinhua, July 27, 2016 Adjust font size:

The EU will not impose financial sanctions on Spain and Portugal over their excessive deficits, said Valdis Dombrovskis, vice president of the European Commission, on Wednesday.

Taking into account the efforts from Spain and Portugal and the current challenging economic environment, the college of EU commissioners cancelled the fine for both countries, Dombrovskis told a press briefing.

However, the Commission, the bloc's executive arm, suggested suspending structural funds supporting infrastructure construction in both nations.

Both nations were expected to cut deficit below 3 percent of GDP last year, but the Portuguese deficit was 4.4 percent in 2015 while Spain's is predicted to remain above 3 percent also in 2017. Endit