"Portugal has made significant progress in dealing with the budget deficit reduction and therefore does not deserve EU sanctions on public finances", - French Finance Minister Michel Sapin said. "The European Commission has the right to initiate disciplinary proceedings, but I do not see the need for the conduct of sanctions against Portugal.", - Said Sapin at a press conference.

Recall, on Thursday, the European Commission launched formal disciplinary proceedings against Spain and Portugal due to their excessive deficits in 2014 and 2015. These procedures may result in fines for the two countries before the end of July. Such sanctions have never been used, and it remains unclear whether they will be applied at this time. The EU Council will decide on the recommendations of the Commission at its next meeting on July 12th.