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Spain defies Brussels on deficit target
Spain defied the European Union on Friday, setting a 2012 deficit target at 5.8 percent of gross domestic product, a far softer goal than the 4.4 percent agreed with Brussels. Prime Minister Mariano Rajoy said Spain was working within EU guidelines because it would still cut its public deficit to 3 percent of GDP by 2013. He said the new 2012 target was still a tough one. "I'm backing austerity and aim to reduce the deficit from 8.5 percent to 5.8 percent; that's significant austerity," he said at the end of an EU summit in Brussels. The announcement cast a pall over an agreement for tougher debt rules in the bloc. ... (full story)
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