Commission hints at 'zero sanctions' on Spain and Portugal

Spain and Portugal have not done enough to reduce their deficit, the European Commission has decided on Thursday (7 July) and they face sanctions that in the end may not be imposed.

The commission stated that "Portugal did not correct its excessive deficit by the deadline of 2015 and that Spain is unlikely to correct its excessive deficit by the 2016 deadline."

The institution's vice-president for the euro Valdis Dombrovskis told journalists that the decision was a "necessary ste...