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EU's Rehn Hints at Easing of Budget Targets for Spain
Spain's austerity program may be eased if the economy continues to contract, the European Union's top economic official said Monday. Economy commissioner Olli Rehn suggested that Spain could be given more slack to meet strict budget targets. "We take into account the growth outlook and the fiscal space of each and every country when we make the assessment," Mr. Rehn told reporters, in reference to an evaluation of Spain's performance due next month. "If there has been a serious deterioration in the economy, we can propose an extension of the country's adjustment path," he said. Spain's efforts to comply with ... (full story)