Those fines should amount to 0.2% of GDP, though Portugal and Spain can submit reasoned requests within 10 days for a reduction of the fines.The Council will have 10 days to approve the fines.They are based on article 126(8) of the Treaty on the Functioning of the European Union.
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"I am sure that we will have a smart, intelligent result at the end”, said Peter Kažimír, minister for finance of Slovakia and president of the Council.
In April 2011 however, after several months of market pressure on its sovereign bonds, Portugal requested assistance from international lenders.
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