EU fines Spain and Portugal

EU fines Spain and Portugal
Spain and Portugal have so poor economies that they are now fined by the EU, which adds additional economic burden on the countries.

For the first time the EU has implemented sanctions against states that have illegally poor economy in the eurozone.

The Council of Ministers of the EU decided Tuesday to fine Portugal and Spain with 0.2 percent of their gross domestic product, as punishment for the states having excessive debt.

Thus a financial penalty comes on top of the crisis these two and other EU countries have, including millions of unemployed.

The EU economic and monetary union, EMU, to which the euro countries belong, does not allow government debt over 3 percent of the gross domestic product, which Portugal and Spain have broken.

They are not alone, but now EU's finance and economics ministers at their Council meeting on Tuesday adopted to implement the punishment after Article 126 (8) of the Treaty of the European Union.

It is the first time it happens. Now the two countries have ten days in which to apply for a reduction of the fine, while the European Commission has 20 days in which to execute the request from the Council of Ministers.

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