“It's possible that these sanctions are equal to zero, on the condition that the Spanish and Portuguese governments give us the answers we're expecting on how they will reduce their deficits” Mr. Moscovici told Europe 1 radio.
 
European Union finance ministers endorsed on Tuesday, as it was expected due to EU rules which make it difficult to overturn such proposals by the Commission, a deficit sanction procedure for Madrid and Lisbon, paving the way for the EU executive to propose possible fines in the next 20 days.
 
Several ministers had underlined that the option of zero sanctions was on the table. Some states, such as France, voiced concerns over the penalty of Portugal who is already underway to fix its budget deficit. Spain as well faces challenges because of a political deadlock after political parties have failed to form a government so far, after two general elections.