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Portuguese FM Calls EU Commission's Decision Not to Fine Lisbon 'Good News'

© REUTERS / Rafael MarchantePortugal's Foreign Affairs minister Augusto Santos Silva attends a news conference at Necessidades Palace in Lisbon, Portugal July 27, 2016
Portugal's Foreign Affairs minister Augusto Santos Silva attends a news conference at Necessidades Palace in Lisbon, Portugal July 27, 2016 - Sputnik International
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Portuguese Foreign Minister Augusto Santos Silva said that Lisbon took into consideration the EU recommendations made in the context of the supposed fine as for Portugal.

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MADRID (Sputnik) — Portuguese Foreign Minister Augusto Santos Silva said on Wednesday that the decision of the European Commission not to fine Lisbon for its failure to decrease budget deficit "good news."

Earlier in the day, the European Commission recommended not to impose fines on Portugal and Spain for missing their 3 percent GDP targets and proposed the Council of the European Union to give Madrid and Lisbon additional time to reach the 3-percent levels.

"The government has taken into consideration the recommendations made in the context of the supposed fine as for Portugal. We consider that it is very good news for Portugal, for Europe, for construction of Europe," Silva said, as quoted by the Jornal de Negocios newspaper.

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He added that it was necessary to cooperate with the European institutions, but protecting national interests.

Spain's 5.1-percent of GDP deficit last year fell short of the targeted 4.2 percent, while Portugal missed its 2.5-percent target with a 4.4 percent deficit. However, Spain's economy is currently growing at a rate of over 3 percent per year after returning to growth in 2014. Portugal's economy also returned to growth by early 2014.

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