MADRID: The government here the other day said it failed to meet its budget deficit target last year, despite a recovering economy.
The nation’s deficit for last year hit 5.2 percent of annual economic output, despite a pledge to the European Commission for a 4.2 percent deficit. Acting Minister of Finance Cristobal Montoro blamed the overspending on Spain’s autonomous regions.
Only three of 17 regions met their spending targets as the deficit hit 56 billion euros (US$63.4 billion).
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