Spain's Prime Minister Mariano Rajoy

Spain's Prime Minister Mariano Rajoy

Angel Navarrete/Bloomberg

Mariano Rajoy, Spain's prime minister, this week said the euro region’s fourth-largest economy has weathered the worst of the slump. He said he’d cut the 2012 deficit to less than 7 percent of GDP, excluding the bank rescue, from 9.4 percent in 2011.