Arab Today, arab today eurogroup requires spain to revise 2016 draft budgetary plan to meet requirements
Last Updated : GMT 19:21:22
Arab Today, arab today
Arab Today, arab today

Eurogroup requires Spain to revise 2016 draft budgetary plan to meet requirements

Arab Today, arab today

Arab Today, arab today Eurogroup requires Spain to revise 2016 draft budgetary plan to meet requirements

Eurogroup
Brussels - XINHUA

 E Eurozone finance ministers Monday required Spain to submit an updated Draft Budgetary Plan as the assessment showed the country's budget is at risk of not complying with the Eurozone requirements.
The finance ministers of 19 Eurozone countries gathered in Brussels for a monthly meeting today, to discuss the euro area member states' draft budgetary plans for 2016.
These plans have to be submitted each year by 15 October, and the European Commission assesses whether they comply with the rules of the Stability and Growth Pact (SGP).
The Eurogroup said that no draft budgetary plan was found in serious non-compliance with the obligations of the SGP. However, four countries - Austria, Italy, Lithuania and Spain - have budgetary plans that are at risk of non-compliance with the rules.
The finance ministers argued that Spain's Draft Budgetary Plan has a risk of excessive government deficits.
The finance ministers have recommended Spain to correct the excessive deficit for 2016, to bring the headline government deficit below the 3 percent of GDP, which is the reference value for the Eurozone countries.
However, according to latest forecast by the European Commission, Spain's headline deficit will be 3.6 percent of GDP in 2016, whereas a deficit of 2.8 percent of GDP is recommended.
Therefore, the Eurogroup said additional measures would be needed to ensure that the requirements are met.
"We call on Spain to submit an updated Draft Budgetary Plan covering all sectors of general government, as soon as possible, including measures to allow for an improvement of the headline deficit, in order to comply with the rules of the SGP," it said in a statement.
Meanwhile, the Eurogroup urged Portugal to submit its Draft Budgetary Plan as soon as possible. It is the only country that has missed the deadline to submit its spending plan, except Greece and Cyprus who are subject to a macro-economic adjustment programme.
The Eurogroup said it will continue closely monitoring euro area' fiscal and economic policies, as well as the budgetary situation.
"In particular, the Eurogroup will assess progress made with respect to the implementation of the Draft Budgetary Plans and additional commitments," it said in the statement.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eurogroup requires spain to revise 2016 draft budgetary plan to meet requirements Arab Today, arab today eurogroup requires spain to revise 2016 draft budgetary plan to meet requirements

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday