EU commission starts deficit penalties on Spain, Portugal

The European Commission decided to begin formal disciplinary procedures against Spain and Portugal on Thursday for their excessive deficits in 2014 and 2015, which may lead to fines for the two countries before the end of July. Both countries argued sanctions should not be imposed for various reasons.

The European Union’s current mandatory limit on deficits is maximum 3% of gross domestic product which Spain and Portugal failed to comply with.

The two countries now risk fines and the suspension of EU funds if they cannot show the rules were breached because of "exceptional economic circumstances". Fines up to 0.2% of GDP may be imposed if the excessive deficits are not reduced, although sanctions so far have never been applied.

Portugal’s left government argued it is unfair to start this procedure since it has already been on track of correcting the country’s deficit for 2016. Spain suffered a prolonged period without on a political deadlock which could repeat itself after the last general election on June 26.

[...]

In the aftermath of the UK referendum to leave the European Union, there have been voices against the sanctions. However, Germany and other member states insist on the rigid application of rules.

Source:

http://www.thepressproject.gr/article/97479/EU-Commission-Starts-Deficit-Penalties-on-Spain-Portugal

Comments

Capitalism & Genocide - Yanis Varoufakis Speech at the Gaza Tribunal, 23rd October 2025, Istanbul

Yanis Varoufakis On 23rd October, Yanis Varoufakis testified in front of the Jury of Conscience in the context of the Gaza Tribunal. His speech focused on the economic forces underpinning the genocide of the Palestinian people. In particular, he spoke on the manner in which capitalist dynamics have historically fuelled the white settler colonial project and, more recently, how the accumulation of a new form of capital - which he calls cloud capital - has accelerated, deepened and amplified the economic forces powering and propelling the machinery of genocide.

Exposed: USA plans to use this country to hurt China & help Israel

Geopolitical Economy Report In Cold War Two, the USA is pressuring countries to cut ties with China and recognize Taiwan separatists. Donald Trump blatantly meddled in Honduras' 2025 election and backed a political coup to put in power right-wing oligarch Nasry "Tito" Asfura, who strongly supports Taiwan and Israel. Ben Norton discusses US imperialism in Latin America.

The orange clown invades Venezuela, betrays MAGA base

globinfo freexchange Abandoning all pretexts, the orange clown of terror kidnapped the legitimate president of Venezuela, Nicolas Maduro. The US imperialist mafia now invades sovereign nations, kidnaps legitimate presidents, using ridiculously baseless excuses. Of course, not even a 10-year old child seriously believes that Maduro will be treated fairly in a fair trial by any US court. The fascist Trump regime already betrayed MAGA base, as one of Trump's key promises for a zero-intervention policy, has been blatantly violated. It is clear that Trump doesn't care at all for the will of the vast majority of the American people who is tired from this ruthless imperialist policy. He knows this is his last term, unless he dares to do the unthinkable: expand his dictatorship, contrary to the US constitution. According to a scenario among plenty, Trump has made an unofficial bargain with Putin to secure their spheres of influence. Yet, in such a case, we don't know what is the...

Mossad ‘in contact from very beginning’ with killers of Italian PM, reporter reveals

A roving reporter who covered Italy’s top politicians explains to The Grayzone how his country was reduced to a joint US-Israeli “aircraft carrier,” and raises troubling questions about an Israeli role in the killing of Prime Minister Aldo Moro. by Kit Klarenberg and Wyatt Reed Part 7 - Mossad continues Italian ops amid Gaza genocide Today, there is little trace of any pro-Arab tendencies in mainstream Italian politics. According to Salerno, the US and Israel no longer have any need to “destabilize Italy” as the country is economically “weak.” Rome’s government now is for all intents and purposes “a continuation, even an extension, of the old fascist regime,” he says, adding, “there are people in the government that have statues of Mussolini in their houses.” Prime Minister Giorgia Meloni has made clear she harbors little sympathy for the Palestinians, and little intention of recognizing a Palestinian state – even after it was revealed in November 2024 the Mossad ha...

Jeffrey Sachs: The US is a violent regime

CGTN Shortly after US President Donald Trump announced on social media that American forces had carried out military actions against Venezuela, President Nicolas Maduro and his wife Cilia Flores were forcibly taken to New York City to face US charges including narco-trafficking. Speaking with CGTN's Tian Wei, Columbia University professor Jeffrey Sachs warned that such actions reflect a broader pattern of militarized US foreign policy. By sidelining international law and disregarding the UN Charter, Washington is undermining the very framework meant to safeguard global peace and prevent another era of devastating wars.

Billionaires are social distancing in super yachts as tens of millions lose jobs

Everyday, it becomes clearer: the COVID-19 pandemic is hitting poor, working, and marginalized communities the hardest. Millions of workers – especially low-wage retail, food service, hospitality, and care workers – have faced the terrible choice daily between going to work and risking their health, or staying home and risking their paychecks. Many other workers don’t even have that choice, with around 30 million people in the US filing for unemployment in the past six weeks. But billionaires don’t face these same problems. As tens of millions have lost their jobs over the past two months, billionaire wealth soared by a whopping $282 billion between March 18 and April 10, according to a new study from the Institute for Policy Studies. And while finding enough space to wait out the pandemic is something many struggle with, billionaires have been escaping to their second (or third, or fourth) homes to ride it out in luxury – all while they position themselves to ...

A response to misinformation on Nicaragua: it was a coup, not a ‘massacre’

There is so much misinformation in mainstream corporate media about recent events in Nicaragua that it is a pity that Mary Ellsberg’s article for Pulse has added to it with a seemingly leftish critique. Ellsberg claims that recent articles, including from this website, often “ paint a picture of the crisis in Nicaragua that is dangerously misleading. ” Unfortunately, her own article does just that. It looks at the situation entirely from the perspective of those opposing Daniel Ortega’s government while whitewashing their malevolent behavior and downplaying the levels of US support they have relied on. Her piece is an incomplete depiction of what is happening on the ground, ignoring many salient facts that have come to light and which have been outdated by recent events. The following is a brief response to Ellsberg’s main points from someone who lives in Nicaragua and has observed the situation directly and intimately: https://grayzoneproject.com/2018/08/15/a-res...

Putin’s War BOMBSHELL Destroys Trump’s Ukraine Plan

Danny Haiphong Vladmir Putin has dropped a huge bombshell on Trump and his plan to end the Ukraine conflict on terms favorable to the US & NATO says former CIA analyst Larry Johnson & Patrick Henningsen. This video breaks down the truth about the conflict the neocons in the European and US establishment don't want you to know.

Trump ADMITS U.S. Just Wants Venezuela's Oil!

Lee Camp - Unredacted Tonight Trump has stripped away the usual pretense of democracy promotion and humanitarian concern regarding Venezuela, revealing a far more transactional objective: oil. Lee Camp connects Trump's admission to a long-standing campaign of economic pressure and political destabilization, in a strategic imperative for a global power seeking to secure its financial architecture.

Venezuelan Journalist DESTROYS Anti Maduro Propaganda

Katie Halper Andreína Chávez discusses what just happened in Venezuela, why it happened and what comes next.

the unbalanced evolution of homo sapiens

Search This Blog