15:25 GMT04 August 2020
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    Spain and Portugal may face penalties after they have violated EU deficit rules, according to the European Commission's statement released on Thursday.

    MOSCOW (Sputnik) — Earlier in the day, EU Commission declared Spain and Portugal in violation of missing the deadline to correct excessive deficit, risking fines and suspension of funds.

    "The Commission is legally obliged to present within 20 days a proposal for a fine… The maximum amounts of this fine and the partial suspension of funding commitments are set out in the relevant regulations and can be reduced if justified," the statement said.

    According to the statement, 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.

    Spain and Portugal are among EU countries that were mostly hit by the aftereffects of the 2007-2008 economic crisis.

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    deficit, European Commission, Portugal, Spain
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