Oct. 24 (Bloomberg) -- The European Union said Spain is on track to cut its budget deficit this year to the target of 6 percent of gross domestic product.
“During the first half of this year there was a certain amount of drift away from the objectives that had been set when it comes to Spain’s excessive deficit, particularly in the area of spending on the part of the regions,” Amadeu Altafaj, spokesman for EU Economic and Monetary Affairs Commissioner Olli Rehn, told reporters today in Brussels. “However, action was undertaken both by the central authorities and by the regions to try to correct that drift.”
“Everything is in place to ensure there can be deficit reduction” to the 6 percent target in 2011, Altafaj said. “Nonetheless, we will have to remain vigilant.”
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