Spain gets controversial let-off on budget deficit

Eurozone finance ministers on Monday (12 March) agreed to a looser deficit target for Spain this year, but insisted that the fourth largest euro economy gets back on track by 2013, a first test for eurozone's tougher budget rules.

"Entering the meeting I did not expect a decision on the 2012 budget for Spain, but now we have a common decision that the front-loaded effort this year should be of 0.5 percent of GDP," Eurogroup chief Jean-Claude Juncker said during a press conference at the...