European governments are prodding Spain to make deeper budget cuts in a first test of stiffer fiscal rules. Ten days after Prime Minister Mariano Rajoy unilaterally raised the 2012 Spanish deficit target, European finance chiefs called on Spain to cut an extra 0.5 percent of gross domestic product out of the 2012 budget.
Caroline Hyde and David Tweed report on Bloomberg Television's "First Look." (Source: Bloomberg)
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