European Parliament President Martin Schulz delivers his speech at the 21st Congress of the Portuguese Socialist Party (PS) in Lisbon, Portugal, June 4, 2016 | Tiago Petinga/EPA Martin Schulz: ‘I am against sanctions against Portugal’ European Commission has delayed the decision on fining Spain and Portugal for exceeding the EU’s budget deficit limit.

The European Parliament President Martin Schulz said on Saturday that he is opposed to European Commission imposing sanctions on Portugal.

“I know the Portuguese government is negotiating with the Commission, and internally in the country, and I am sure there will be a very constructive solution," Schulz said at the Portuguese Socialist Party (PS) congress in Lisbon.

The European Commission has delayed its decision on fining Spain and Portugal for exceeding the EU’s budget deficit limit of 3 percent of GDP. The issue will be addressed again early July after Spain’s snap elections later this month.

Under EU rules, countries can be fined up to 0.2 percent of the GDP for breaching deficit rules.

"The Socialist Party governs the country and gives hope to all the socialist parties in Europe and is what we need in the European Union," Schulz said, calling for a greater solidarity among eurozone countries.