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Spain, Portugal may face sanctions due to public spending

Spain, Portugal may face sanctions due to public spendingSpain and Portugal are facing the prospect of sanctions by the European Commission after repeatedly failing to rein in public spending.

In May, Madrid and Lisbon received a reprieve when Brussels delayed a decision to slap fines on the rule-breakers until July.

Inflicting penalties against an EU member state for public overspending would be an unprecedented step by the European Commission, the bloc's executive arm.

European Union officials have concluded that neither government took effective action to adhere to EU budget-deficit rules, according to one person familiar with the discussions. An announcement may be made on Thursday, Bloomberg said.

Penalties could include fines or a partial suspension of EU regional funds.
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