Spain’s conservative government predicted last year that it would reduce its deficit to 4.2 percent in 2015 and then to 2.8 percent in 2016 – forecasts that EU finance commissioner Pierre Moscovici said were “a bit optimistic”.
“The budget deficit was lowered in 2015 to 5.16 percent from 5.8 percent. It is therefore a new reduction of Spain’s public deficit, but it is insufficient,” Montoro told a news conference.
The deficit overshoot, one of the highest in the European Union, could raise pressure on Spain’s acting government to adopt painnful new austerity measures……
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