The European Commission will propose giving Spain, France and several other euro zone states more time to cut their public deficits below the target limit of 3 percent of GDP, newspaper El Pais said on Saturday. Citing senior sources at the European Commission and in the Spanish government, the leading Spanish daily said France would likely get an extra year until 2014 rather than 2013 to rein in its fiscal gap. Spain would likely be given until 2015 or 2016 rather than 2014. The European Commission was not immediately available for comment. The commissioner in charge of Economic and Monetary Affairs, Olli Rehn, said ... (full story)