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EU to inspect Spanish deficit

Source: Reuters - Fri 9th Mar 2012
EU to inspect Spanish deficit

Inspectors from the European Commission have been in Spain to evaluate its 2011 budget deficit figures after the numbers came in substantially higher than expected, the Commission said on Friday.

Spain said this month that its budget deficit came in at 8.5% last year, far above the Commission's expectation for a figure around 6.0%.

The government also said it wouldn't meet its target for this year of 4.4%, saying the deficit would be 5.8%.

"Technicians of the European Commission have been in Madrid this week to collect information on the (2011) public accounts," said Amadeu Altafaj, the Commission's spokesman on economic and monetary affairs. "It is a normal practice in all countries under an excessive deficit procedure."

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