Spain agreed a new, wider budget deficit target of 5.8 percent of gross domestic product with key European Union leaders, El Mundo reported.
Prime Minister Mariano Rajoy and Economy Minister Luis de Guindos informed the European Commission and government officials of the main points of the adjustment, the newspaper said. Spain had also informed the European Central Bank, the International Monetary Fund and the U.S. Federal Reserve that it wouldn’t be able to meet its previous 4.4 percent target for this year, El Mundo reported.
Spain’s new economic targets are an exercise in realism and good sense, the newspaper said, citing people in the government it didn’t identify by name.
To contact the reporter on this story: Charles Penty in Madrid at firstname.lastname@example.org
To contact the editor responsible for this story: Frank Connelly at email@example.com