EU tells Spain to cut deficit by 2017

THE EU’s Economics Commissioner has warned the Spanish government that it must reduce its budget deficit to less than 3 per cent of the country´s gross domestic product, during 2016, in order to adhere to EU budgetary rules. 

Speaking on February 4, Pierre Moscovici issued the warning, after the Commission’s latest forecasts predict that Spain’s deficit will be 3.6 per cent at the year’s end. 

Referring to the uncertainty currently dominating Spain’s political horizons, Moscovici confirmed that the next elected Spanish government would bear the obligation to abide by the deadline. 

If Spain fails to meet the stringent stipulations regarding its budget gap, it could result in a disciplinary procedure to establish deficit reduction targets with tighter deadlines. 

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