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Spain deficit goals remain a serious challenge
01 April 2012 @ 16:43

Spain will still struggle to meet this year's deficit target despite steep budget cuts announced on Friday and it will have to dig just as deep to meet 2013's goal, a serious challenge as the economy enters recession.

The euro zone's fourth largest economy has been the focus of debt market attention since the bloc's debt crisis began on fears of the cost of Greek-style bailout if sliding investor confidence pushes lending costs up to unsustainable levels.

Central governments savings worth over 27 billion euros ($35.96 billion) announced on Friday were well received by Europe, which has demanded the deficit be reduced by 3.2 percentage points this year, and the markets, helping prompt a euro rally.


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