Spain presents deficit plan to Brussels

The Spanish government presented its stability programme to the European Commission on Wednesday (3 February), outlining a timetable to rein in an excessive deficit that reached 11.4 percent of gross domestic product last year.

Under the plan, Spain will aim to cut its budget deficit to 9.8 per cent of GDP this year, 5.3 per cent of GDP by 2012, and eventually fall in line with EU limits of 3 percent by 2013.

Last Friday the Socialist government of Prime Minister Jose Luis Rodrigu...