Absence of a permanent government hinders Spain to adopt the budget for 2017, within which it would be possible to fulfill the requirement of the European Commission to reduce the budget deficit, Business Insider reports. Until October 15, the Government of the Acting Prime Minister Mariano Rajoy has to submit a plant for expenditures and incomes of the state budget for 2017 with the measures that Spain is obligated to undertake to reduce the budget deficit in accordance with EU requirements. Otherwise, Spain may be facing a fine of 0.5% GDP (5 billion euros). Moreover, the structural funds with more than one billion euros accumulated may be frozen. However, the European Commission has previously stated that the budget for 2016 in terms of the political crisis in Spain may be extended to 2017.

 

 

 

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