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Spain to Ask EU for Two Additional Years to Reduce Budget Deficit

Source: Sputnik - Fri 22th Jul 2016
Spain to Ask EU for Two Additional Years to Reduce Budget Deficit

Acting Spanish Economy Minister Luis de Guindos is expected to start negotiations with EU Commissioner on Economic and Financial Affairs Pierre Moscovici on two additional years to bring the deficit down to 2.0%, according to local media.

EU Sanctions Against Portugal, Spain Over Budget Deficit 'Counterproductive' According to El Pais daily, acting Spanish Economy Minister Luis de Guindos is expected to start negotiations with EU Commissioner on Economic and Financial Affairs Pierre Moscovici on 2 additional years to bring the deficit down to 2.0%.

The 2-year extension of terms would be beneficial for Spain because its revenues are lower than expected, the media outlet added.

Spain's 5.1% of GDP deficit last year fell short of the target of 4.2% set by the European Commission.

Recommended Reading :

* Spain to miss deficit target again in 2016

* Brussels lowers Spain's public deficit forecast

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