January 29, 2013

EC drops hint of relaxation of Spain’s deficit-reduction targets

The European Union's commissioner for economic affairs, Olli Rehn, on Monday indicated he might seek to cut Spain more slack over its budget deficit goals as the government's austerity drive caused the second recession the country has faced in three years to deepen.

"If there has been a serious deterioration in the economy, we can propose an extension of a country's adjustment path," Rehn said at a joint news conference in Madrid with Economy Minister Luis de Guindos. Read more.

El País

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