Brussels uproar as Juncker declares banking war on Spain, Croatia, Cyprus AND Portugal

Friday, April 28, 2017
By Paul Martin

JEAN-Claude Juncker has declared war on Spain, Croatia, Cyprus and Portugal over their reluctance to introduce legislation governing mortgages.

Fri, Apr 28, 2017

The European Commission has given notice it is to take the countries to the Court of Justice of the European Union (CJEU).

The nations had until March 21 last year to transpose laws on credit, but none of the four have done so, sparking ire from the president who is facing calls to resign.

Commission chiefs are attempting to grab control of mortgages so other states like Germany can step into provide debt.

The bloc said it wanted to be able to offer “potentially more advantageous credit offers of lenders from other Member States”.

But the shocking power grab is unlikely to move any legislation through in Spain where tens of thousands of people have been campaigning on the streets over the Government’s public debt.

Brussels is threatening to get its legislative branch to pass judgement on all the countries.

Spain has reacted to the news saying it is impossible to pass mandatory European Union legislation because there is no appetite for it.

A spokesman for the Spanish Ministry for the Economy said: “It is preparing a normative text that it hopes to approve before a possible sentence occurs.

“With this objective we are working to reach the necessary consensus that will allow us to overcome the parliamentary process, an issue that is not only up to the Government.

“Throughout 2016, no progress could be made in transposing European legislation when the Government was in office.”

The Rest…HERE

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