MADRID (Sputnik) — EU sanctions against Portugal and Spain for failure to take action to correct their excessive GDP deficits are "baseless" and "counterproductive," Portuguese Prime Minister Antonio Costa said Tuesday.
"The decision itself [to impose sanctions] is not news. We have ten days to respond. And we are working on it. Sanctions against Portugal and Spain are baseless. It will be counterproductive to impose these sanctions," Costa said as quoted by the Lusa news agency.
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.