Spain asks EU to revise deficit target

 

The Spanish government has asked the European Union to ease its 2013 deficit target to 6% of gross domestic product (GDP) from the original target of 4.5% of GDP on a worse-than-expected economic performance, reports El Pais in its Friday Internet edition, citing unidentified government sources.

Spain has been negotiating a more relaxed deficit target for this year for weeks, but Brussels is willing to raise Spain's 2013 deficit objective up to 5.5%, while agreeing on extra year to bring Spain's deficit down to 3%, El Pais adds.