REFERENDUM contagion fear: EU backs down on FINING Spain & Portugal over anti-EU sentiment

Wednesday, July 27, 2016
By Paul Martin

THE European Commission today backed away from slapping fines on Spain and Portugal for running high deficits, after intense criticism of what would have been a landmark move to impose tough budget rules.

Express.co.uk
Wed, Jul 27, 2016

The EU executive was on the brink of imposing fines of up to 0.2 percent of national gross domestic product (GDP) against Madrid and Lisbon.

Jean-Claude Junker had been keen to force the fines against both nations but instead the European Commission decided to show clemency amid growing anti-Brussels sentiment highlighted by Britain’s Brexit vote.

“Sanctions, even symbolic ones, would not have been understood by the public,” the EU’s economic affairs commissioner, Pierre Moscovici, said at a news briefing.

“It is not the best approach at a time when doubts are widespread in Europe,” he added.

The EU has to date not dared to use its full powers against eurozone overspenders for fear of triggering a populist backlash and given the opposition of chronic offenders such as France and Italy.

The Rest…HERE

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