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Spain and Portugal to face sanctions

Spain and Portugal are in a fine line of facing sanctions for overshooting their budget deficit targets, thus Angel Gurria, OECD chief, urging the European Commission to stop such legal act, amid the Brexit vote that caused serious financial ''injuries'' in the EU and mostly Britain.

Both nations are facing formal disciplinary procedures by the European Commission due to their excessive deficits in 2014 and 2015.

Angel Gurria talks about the sanctions on Spain

Furthermore, Angel Gurria stated that there are new challenges, especially with the terrorism, the Brexit, and the refugees crisis that placed super pressures on the EU and the globe. By applying sanctions this makes matters worse, he said.

Portugal's deficit rocketed last year after Madeira-based bank Banif urgently needed a 2.2 billion euros injection. The nation's government promised on reducing such deficit from 4.4% to 2.2% of GDP.

Moreover, the Portuguese economy, Gurria said, is still 40% below the euro zone's average, thus the nation being in need for an urgent boost in productivity.

U.S. Nonfarm payrolls

The U.S.'s private nonfarm payrolls escalated to 265K and surpassed the analysts' predictions for a rise to 170K. The nation's nonfarm payrolls appreciated to 287K.

The rate of unemployment in the U.S. climbed from 4.7% to 4.9% while the economist estimated the rate to appreciate to 4.8%.

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Friday, 08 Jul, 2016 / 1:34

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Source : https://www.argusfx.com/en/research-education/market-analysis/news/spain-and-portugal-to-face-sanctions

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