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    Spain, Portugal Miss Deficit Correction Deadline - European Commission

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    According to the vice-president of the European Commission, Spain and Portugal has missed the deadline to correct excessive deficit.

    MOSCOW/BRUSSELS (Sputnik) – The European Union’s executive arm declared Spain and Portugal missed the deadline to correct excessive deficit, risking fines and suspension of funds, European Commission Vice-President Valdis Dombrovskis said Thursday.

    "The Commission concluded that Portugal did not correct its excessive deficit by the deadline of 2015 and that Spain is off-track to correct it by the 2016 deadline… Therefore, we have adopted recommendations for the Council decisions… concerning the absence of effective action by Spain and Portugal," Dombroskis said at a briefing.

    He said the Article 126(8) of the Treaty on the Functioning of the European Union (TFEU) was recommended to be triggered to extend the deadline for the countries to "get back on the sustainable track." The rule gives a 20-day window for the European Commission to propose a fine or a suspension of structural and investment funds.

    Spain's 5.1-percent of GDP deficit last year fell short of the targeted 4.2 percent, while Portugal missed its 2.5-percent target with a 4.4 percent deficit.

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