Economy Minister: “I do not believe that sanctions have a serious economic impact” – Jornal de Negócios – Portugal

Minister of Economy considers that any sanctions against Portugal will not have a material impact on the national economy.

“I do not believe that sanctions will have an impact serious economic, we will see even if there are sanctions, “said Manuel Caldeira Cabral this Wednesday, July 13, in Parliament. “This process is not seemly to European institutions,” he said on the opening of the process of sanctions to Portugal by the excessive deficit in 2015.

“If there are sanctions, it does not seem reasonable that sanctions have a more than symbolic effect. This discussion, as well as unjust, it is also counterproductive and negative for European integration, “said the official speaking to reporters after a hearing in the committee of Economy.

“the truth is that the previous government, which is being evaluated negatively by the results, followed European revenue uncritically. He did as he was told and did not have such good results, maybe we should question whether European revenue was not wrong or poorly thought out, “said Manuel Caldeira Cabral.

Asked about the possible application of sanctions could have negative impact on foreign direct investment in Portugal, the official devalued.

” entrepreneurs look for these things nowadays more as part of European folklore than actually something relevant. It would be good to see the European institutions to work on relevant issues such as Brexit, refugees or the slow pace of economic recovery, “concluded the Minister of Economy.

Remember that the Council of Ministers of Finance European Union approved on Tuesday the opinion of the European Commission recommends sanctions against Portugal.

the government has until July 21 to present the case to the European Commission and is already preparing a letter which ensures that it is taking “effective action” to lower the deficit.

Brussels has then 10 days to decide on sanctions, and the Commission has already admitted that it may be a ‘zero fine “in the process of sanctions for excessive deficit and that the suspension of structural funds can be avoided.