As expected yesterday by the Eurogrupo president, Jeroen Dijsselbloem, the euro zone member states adopted the European Commission (EC) recommendations which concluded that the two countries had not made enough budget efforts and so failed the targets to leave their Excessive Deficit procedures (EDP), which for Portugal, was to be in 2015.

"The Council’s decisions triggered the sanctions under the EDP” Ecofin said in a communiqué, adding that the Commission now has 20 days to propose the amount of the fine, which could be up to 0.2% of each country’s Gross Domestic Product (GDP).

Portugal and Spain now have 10 days to present their arguments to reduce the fine, which, according to the European rules can be reduced to zero.

"I am sure we are going to have an intelligent result at the end", said the Slovakian finance minister, Peter Kazimir, who is chairing the Ecofin Council in this second half of the year.

On his way into today’s Ecofin meeting, Portugal’s finance minister Mário Centeno acknowledged that after the discussions last night in the Eurogrupo, "the Portuguese government’s expectations" were that the Commission’s recommendations would be followed.