Stability and Growth Pact: update on the fiscal situation of Spain and Portugal published by European Commission (7/2016)
“As announced in its Communication of 18 May, the Commission came back today to the fiscal situations in Spain and Portugal. The College of Commissioners confirmed that Portugal did not correct its excessive deficit by the deadline of 2015 and that Spain is offtrack to correct its excessive deficit by the 2016 deadline. These deadlines were recommended by the Council on 21 June 2013. The College therefore adopted recommendations for a Council decision under Article 126(8) of the Treaty on the Functioning of the European Union establishing the absence of effective action by Spain and Portugal in 2014 and 2015. This is a necessary step to give Spain and Portugal new deadlines for the correction of their excessive deficits, including updated fiscal adjustment paths…”
