At the Parliament’s invitation, the Spanish and Portuguese finance ministers set out the efforts they have made to cut their budget deficits. 
Though the Commission says they haven’t done enough, MEPs backed their bid to avoid a suspension of EU structural funds.

Budget deficits: MEPs back Spain and Portugal over EU funding freeze

The Spanish and Portuguese finance ministers may have arrived separately,

The Portuguese minister Mário Centeno told MEPs that recent budgetary efforts needed time to take effect. 

His Spanish counterpart said a lot had already been done.

The fiscal effort made by our country is unrivalled. 

On the line are transport, environmental and regional projects financed by EU structural funds:

these projects might not see the light of day if those funds are suspended. 

Let’s not give the impression that we’re always targeting the smallest,

those that joined the European Union later than others.

Spain and Portugal have recently come through periods of austerity and political instability.

But the Commission and Council say their budget deficits are still too far away from their targets.  

Spain must reach a deficit target of 3.1% next year,

while Portugal will have to fall below the EU’s 3% limit by the end of this year.

In front of MEPs who were largely on their side,

the Spanish and Portuguese ministers promised to keep up their fiscal efforts,

their aim, to avoid a suspension of EU funds.