Spain has been set a fresh deadline of 2014 to bring its current deficit down to 3% of GDP, after it was decided at the ECOFIN meeting on 10 July to rearrange its deficit reduction programme.


The headline deficit targets agreed at the meeting are now set at 6.3% of GDP for 2012, 4.5% of GDP for 2013 and 2.8% of GDP for 2014, in a move away from the EU’s original policy to meet the 3% ceiling as agreed in the fiscal pact for next year.

Initially the European Council ...

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