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Spain to renegotiate State deficit targets with Brussels
03 April 2013 @ 17:46

SPAIN'S government is hoping to negotiate a more lenient target for mopping up the State deficit during talks with Brussels in mid-April.

The European Union had ordered the country to reduce its debt to 4.5 per cent of the GNP by the end of 2013, a target which now appears far from feasible – especially as Eurostat ordered Spain to recalculate the figures it had given for 2012.

This led to the 6.7 per cent of the GNP, excluding aid given to the banks, quoted by the Spanish government being increased to 6.98 per cent.

To this end, Spain hopes the European Commission will allow it to aim for a reduction to six per cent of the GNP by the end of 2013 instead of the ambitious 4.5 per cent it was initially instructed to meet. 

Read more at thinkSPAIN.com



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