Things go from bad to worse for Telefónica. It has been fined €66.8m by the European Commission for agreeing not to compete with Portugal Telecom, which was slapped with a lighter €12m penalty by Brussels officials.

The two companies were found to be in breach of Article 101 of the Treaty on the Functioning of the European Union (TFEU), which bans anti-competitive behaviour among corporations, the EC said.

Serves them right for that sort of behaviour!

It currently has a net debt of €58bn, so such a multimillion euro fine will be most unwelcome.

Could this push them over the edge? No doubt more assets will be sold.

http://www.theregister.co.uk/2013/01...tugal_telecom/

Doesn't look good does it. If O2 are supposed to be aggressivley rolling out 3G now, where there the hell are they getting the money from?

and these fines will be returned to Portugal's mobile phone users or added to the European slush fund.

As aggressive as a dead sheep