Spain's 2012 Deficit Falls, But Not To Level Hoped
MADRID (AP) â¿¿ Spain's Prime Minister Mariano Rajoy has conceded that the government just failed to reduce its budget deficit in 2012 to the level it promised European authorities.
He says the deficit fell to 6.7 percent of the country's annual gross domestic product from 9 percent in 2011.
The reduction, which came after a raft of spending cuts and tax increases, is just above the 6.3 percent Spain promised European authorities.
Rajoy's deficit figure does not take into account the â¿¬40 billion ($52 billion) bailout granted to ailing Spanish banks by Spain's partners in the 17-country eurozone. Including the bailout, the deficit would be higher. The executive European Commission has allowed Spain not to count the bailout.Spain is in its second recession in three years and has 26 percent unemployment.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV