BRUSSELS – The European Commission is warning that Spain and Slovenia face "excessive" problems balancing their economies.
In a health-check of the economies of 13 European Union countries, the Commission said Wednesday that "high domestic and external debt levels continue to pose serious risks for growth and financial stability" in Spain.
The executive arm of the 27-member EU also warns that Slovenia faces a "substantial" risk from high corporate debt, bad loans and deteriorating public finances.
Both countries are hit by a recession, high unemployment and ailing financial sectors.
The Commission adds that both countries must move swiftly to fix their ailing banking sectors — either through recapitalizing or winding down some banks — to ensure a path toward sustainable growth.
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