The main laggard was Spain, which badly missed the 6.3 percent of GDP deficit target for 2012 with a result of 10.2 percent. Even money the government spent on recapitalizing banks, the 2012 deficit is still well above target at 7.0 percent of GDP.
This year, Madrid will have a deficit of 6.7 percent rather than the 4.5 percent set for it by EU finance ministers. And unless policies change, Spain will have a gap of 7.2 percent in 2014 against the target of 2.8, the Commission said.
via Yahoo
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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