EU slams France, Italy, Portugal for spending 'imbalances'

The European Commission on Tuesday said France, Italy and Portugal were in violation of EU rules on public spending and would be more closely monitored by Brussels.

In a statement the commission, the EU's executive arm, pointed to France's "large public debt coupled with deteriorated productivity growth".

It also singled out Italy's "high government debt" along with a worrying levels of long-term unemployment that "weighs on growth prospects". In all five countries, including Bulgaria and Croatia, were found to be experiencing "excessive imbalances" in the EU.