EU Sees Spain’s Budget Measures Failing to Tackle Deficit
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Spain’s budget deficit will be more than double the target set by the European Union in 2014 as a deepening recession blows Prime Minister Mariano Rajoy’s government off course, European Commission forecasts show.
Spain’s budget gap will amount to 6.4 percent of gross domestic product in 2014, compared with a target set by the EU of 2.8 percent, as “fiscal consolidation hardly advanced in the first eight months of 2012,” the European Commission said today in Brussels.