Fri, 13 Jul 2012 10:03:04 GMT
Cristobal Montoro obliges regions to cut budgets
Spanish regional governments are
missing their budget-deficit targets for 2012 (1.5% of GDP) and were
given one week to make corrections for the plans. Last year regions
showed the highest overspending, running 3.3% deficit. Cristobal
Montoro, Spain's Budget Minister, also rejected finance chiefs pleas
of relaxing their deficit targets. Currently Spain's budget deficit
target for 2012 is 6.3%, 4.5% per 2013 and 2.8% for 2014.