by Kenneth Schortgen
Rogue Money
About two weeks ago, the European Commission threatened Spain and Portugal with cutting off the lending spigot if they did not re-adjust their budgets to reflect the 3% rule for deficit spending.
And since neither nation was able to follow through with this EC demand, on July 26 the Commission called for sanctions to be placed on the two Southern Eurozone countries as a means to force them into greater austerity and more ‘fiscally responsible’ spending.