EU Warns France And Spain On Deficits, Clears Portugal

Umer Jamshaid Published May 22, 2017 | 03:25 PM

EU warns France and Spain on deficits, clears Portugal

BRUSSELS, , (UrduPoint / Pakistan Point News - 22nd May, 2017 ) - The EU on Monday kept France and Spain on notice for excessive public spending, but absolved bailed-out Portugal after it stayed within the bloc's deficit limit for the first time since 2007.

The European Commission, giving its opinions as part of its annual assessment of EU national budgets, also singled out Italy for running a worryingly high public debt. It said Portugal had left the commission's so-called excessive deficit procedure, becoming the first bailed-out nation from the eurozone debt crisis to fall back into the bloc's economic good graces.

For Portugal "this is extremely good news," EU Economy Commissioner Pierre Moscovici told a press conference.

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