Spain had a deficit of 4.2% in 2015 and leave it below 3% this year, according to the objectives set by the European Commission for the country adapt its accounts to the stability and growth pact.
( AFP ) the European Commission decided to displace to July the decision on punishing Spain for its excessive government deficit, considering that it was not “political moment” for the general election on June 26, for the unprecedented decision in the European Union.
Portugal, whose public accounts recorded a mismatch in 2015, also prevented Wednesday a sanction of the Commission, which submitted its recommendations on corrections to public expenditure and the course of reforms in the bloc .
Spain had a deficit of 4.2% in 2015 and leave it below 3% this year, according to the objectives set by the European Commission for the country to adapt its accounts to the Stability Pact and growth.
the rules of the pact set the goal of maximum 3% deficit in relation to gross domestic product ( GDP ). But the imbalance of public accounts in Spain deepened in 2015.
Madrid recorded a deficit of 5.1%, according to the Commission, which since last fall warns the conservative government of Mariano Rajoy on public accounts .
for this year, the Commission predicts a deficit of 3.9% of GDP , than announced by Madrid in mid-April of 3.6%.
Spain
“This is not right, economically and politically moment” to punish Spain said the European Commissioner for economic Affairs, Pierre Moscovici.
Brussels will decide on penalties to Spain “in early July”, once past general elections.
“These are not easy decisions to make and we have to face a government that can take the necessary measures “he said Moscovici questioned about this extension.
a Commission decision on the Spanish deficit was expected. Madrid has already asked three times more time to adjust.
On Wednesday the Commission also granted an extra to Spain year to adapt to the rules, and asks a target of 3.7% in 2016 and 2.5% in 2017.
to meet the goal, the Commission recommends a “durable correction of the excessive deficit” taking “the necessary structural measures and using all benefits with a reduction of the deficit and debt”.
Spain must also promote strong adjustments to adapt to the rules and would be required to submit regular reports on the progress of reforms.
the Spanish Economy Minister Luis de Guindos, considered the decision of the Commission as “balanced”. “The next government will have to take these measures,” which calls for Brussels, he said.
hit hard by the debt crisis, Spain had already undertaken a historic effort of austerity to reduce the deficit. In 2012 it was 10.4%, in 2013 it stood at 6.9% the following year at 5.9%.
The economic slowdown of the fourth largest economy in the eurozone, which began with the crisis of 2007 -2008, plunged the country into a recession caused unemployment, which reached more than 26% of the active population in 2013, and forced a bailout of its banking fired.
Portugal
in its decision Wednesday, the Commission also postponed to early July the decision on possible sanctions against Portugal, which recorded in 2015 a deficit of 4.4%, above the target of 3 %.
Lisbon will have this year to reduce its deficit below this goal.
the government of socialist Prime Minister António Costa is promoting a “flexible interpretation” of the European fiscal rules, after the former executive’s center and lead on a vast program of adjustments in exchange for a ransom of 78,000 million euros.
“We took into account the fact that there are two countries that suffered full crisis, whose unemployment rates are extremely high and both of them made significant efforts on reforms, “said Moscovici.
apply a fine, according to the rules of the pact can be up to 0.2% of GDP , Spain or Portugal would become the first countries ticketed for failing to meet the rules of the stability pact.
unacceptable term
Since the debt crisis, the Commission new powers to monitor and sanction of national expenditure, with the possibility of fining the country fails to meet the objectives arrogated.
“it is unacceptable that the Commission fold the lobby of Madrid and Lisbon, “lambasted German MEP Markus Ferber of the European People’s Party (conservative).
to Ferber, the Brussels decision” hurts “European fiscal rules and believes that” is not a valid argument “that of postponing the decision for the elections.
Carsten Brzeski, economist at the bank ING , estimated that the contested decision was” good “, as currently” most countries in the euro zone desperately trying to relaunch growth and reduce unemployment. “
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