By Jan Strupczewski
BRUSSELS (Reuters) - Three of the euro zone's four biggest economies look set to break European Union deficit and debt reduction targets this year and next unless they take urgent action, European Commission forecasts showed on Tuesday.
The Commission forecast that the three -- France, Italy and Spain -- were likely to miss goals set for them set by EU finance ministers under a disciplinary procedure for those that run excessive budget deficits and have too high public debt.
Portugal would also likely be in breach of EU budget rules.
The euro zone's biggest economy Germany, was in rude fiscal health, the forecasts showed.
The Commission's forecasts, together with medium-term fiscal consolidation plans submitted by governments last month will be the basis for a Commission decision, in the second half of May, on whether to step up the disciplinary procedure against those in breach of the rules.