EU tells Spain to cut deficit by 2017

£50,000 golden hello to move to Scotland’s remote islands Image: CC Mike Pennington

THE EU’s Economics Commissioner has warned the Spanish government that it must reduce its budget deficit to less than 3 per cent of the country´s gross domestic product, during 2016, in order to adhere to EU budgetary rules. 

Speaking on February 4, Pierre Moscovici issued the warning, after the Commission’s latest forecasts predict that Spain’s deficit will be 3.6 per cent at the year’s end. 

Referring to the uncertainty currently dominating Spain’s political horizons, Moscovici confirmed that the next elected Spanish government would bear the obligation to abide by the deadline. 

If Spain fails to meet the stringent stipulations regarding its budget gap, it could result in a disciplinary procedure to establish deficit reduction targets with tighter deadlines. 

FacebookTwitterRedditWhatsAppTelegramLinkedInEmailCopy Link
Go Back
Written by

Euro Weekly News Media

Share your story with us by emailing [email protected], by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

Comments


    Leave a comment

    Your email address will not be published.