Europe on Tuesday told Spain it must introduce "extra" measures in its 2011 budget if it is to restore its public deficit to the EU limit of three percent of GDP by a 2013 target. "For 2011, Spain will need to specify concrete measures of about 1.75 percent of GDP to reach the deficit target of six percent in 2011," the EU's economic and monetary affairs commissioner Olli Rehn said in Strasbourg, France, at the European parliament. So far Spain's deficit busting measures for next year only amount to 1.00 percent of output, according to Rehn's spokesman.
"Extra measures" need to be "specified in the 2011 budget," he stressed.
Spain was one of 12 countries, including Portugal, whose existing deficit reduction plans were considered, and broadly approved, by the EU Commission.
For more: AFP: EU demands 'extra' 2011 deficit measures of Spain
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