eurozone allows spain to inflate 2012 deficit to 53 of gdp
Last Updated : GMT 06:41:18
Arab Today, arab today
Arab Today, arab today

Eurozone allows Spain to inflate 2012 deficit to 5.3% of GDP

Arab Today, arab today

Arab Today, arab today Eurozone allows Spain to inflate 2012 deficit to 5.3% of GDP

Brussels - AFP

Finance ministers have allowed Spain to inflate its 2012 public deficit to 5.3 percent of gross domestic product (GDP) -- a sum higher than the original target but lower than what Madrid was asking for, eurozone chief Jean-Claude Juncker said on Monday. Spain was originally meant to bring its deficit down to 4.4 percent of GDP this year, but Spanish Prime Minister Mariano Rajoy said at a European Union summit last month that Madrid would instead aim for 5.8 percent of GDP. \"The figure announced previously by the Spanish government, the figure of 5.8 percent, is dead,\" Juncker said. \"What is far more important is the figure of 3.0 percent by the end of 2013,\" he added. \"The Eurogroup assesses that the timely correction of the excessive deficit should be ensured by an additional frontloaded effort of the order of 0.5 percent of GDP,\" below the 5.8 percent, Juncker said after eurozone talks. Spain\'s deficit is roughly the size of Portugal\'s bailout after overspending last year amounted to 90 billion euros ($120 billion). Spanish Prime Minister Mariano Rajoy says budget slippage this year will be almost as high. \"I didn\'t expect a decision on the 2012 budget of Spain,\" he told a news conference. \"Now we have agreement,\" he added, terming it \"a quite important decision\" by the ministers. Asked about the scale of the budgetary slippage in Spain, at a time when the Netherlands is also trying to find 10-17 billion euros to keep its public budget on track, Juncker said: \"We are not easing\" on the rules governing EU budgetary constraints. A statement said only that \"the Spanish government expressed its readiness to consider this\" as it finalises new budget proposals due by next month. Spain must nevertheless, the Eurogroup said, ensure its public deficit falls to 3.0 percent of GDP by the end of 2013, as was always the plan. Normally, the failure to meet existing Brussels deadlines for deficit and debt reduction would result in a large fine under new eurozone laws and European Union principles. Juncker said a new wave of austerity in Spain, where unemployment in running well above one in five adults and almost every second person aged under 25, would be accompanied by structural reforms, notably its labour market, and said all levels of Spanish government would have to play their part. EU economy commissioner Olli Rehn said Madrid had to deliver \"a credible and convincing path of fiscal consolidation over the coming two years,\" which would \"run in parallel with economic reforms that can bring sustainable growth and better jobs in Spain.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

eurozone allows spain to inflate 2012 deficit to 53 of gdp eurozone allows spain to inflate 2012 deficit to 53 of gdp

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

eurozone allows spain to inflate 2012 deficit to 53 of gdp eurozone allows spain to inflate 2012 deficit to 53 of gdp

 



Arab Today, arab today
Arab Today, arab today Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 16:03 2017 Thursday ,21 December

US hits Myanmar general in new global rights sanctions
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday