The EU warned Spain and Portugal on Wednesday to quickly meet the EU's rules on public deficits but delayed any decision to slap fines against the countries until July.

"As regards Portugal and Spain... the Commission will come back to the situation of these two Member States in early July," the European Commission, the EU's executive arm, said in a statement.

For the eighth consecutive year, austerity-weary Spain has overshot its fiscal targets, making it one of the worst performers in the eurozone.