The budgetary performances of the Spanish, Portuguese and Greek governments last year

Date: 13/06/1996

mean they will not have their Cohesion Fund payments blocked, the European Commission confirmed yesterday (12 June). All three countries managed to bring their budget deficits below their 1995 target levels, with Greece achieving 9.2&percent; of gross domestic product (compared with a target of 10.7&percent;), Spain 5.8&percent; (5.9&percent;) and Portugal 5.4&percent; (5.8&percent;). Under the rules of the 15-billion-ecu fund, any country deemed to have an excessive deficit could have its financing stopped. Ireland - also a fund recipient - was exempted from the inquiry.