(ANSAmed) - Berlin, July 28 - German Chancellor Angela
Merkel said on Thursday that the European Commission's decision
to not sanction Spain and Portugal for failing to bring their
budgets within EU limits did not signal an end to the stability
pact.
"I don't believe the decision taken yesterday on Spain and
Portugal means that the stability pact is no longer valid," she
said.
Under the EU stability pact rules, member states have to
try to keep their budget deficits below a ceiling of 3% of gross
domestic product (GDP), a measure aimed at preventing
governments from borrowing excessively and potentially
undermining the euro currency.
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