Brussels, 17/06/2016 (Agence Europe) - The Ecofin Council decided on Friday 17 June to postpone until early July an assessment of the budget situation in Spain and Portugal.
Dutch Finance Minister Jeroen Dijsselbloem said that the Council had taken note of the proposals to adjust the deadlines for Spain and Portugal to meet the stability and growth pact requirements, proposals that the European Commission had put forward in its country-specific social and economic policy recommendations, but had decided to postpone talks on this until the Commission publishes its formal proposal under the excessive deficit proceedings for the two countries, which might happen in early July.
In mid-May, the Commission suggested that Spain and Portugal should have a further year to cut their excessive deficit, in other words 2016 for Lisbon and 2017 for Madrid (see EUROPE 11553).
On Friday, apart from the question of Spain and Portugal, the Ecofin Council adopted all the country-specific recommendations and decided to cancel the excessive deficit proceedings against Cyprus, Ireland Slovenia, three eurozone nations that have sustainably brought their deficit back below the 3% of GDP cut-off point. (Original version in French by Mathieu Bion)