Spain's budget deficit for 2011 missed target level

Source: Bloomberg
Spain failed to fulfil its target budget deficit ratio for year 2011, putting pressure on government to seek news ways of reducing debt. Although the deficit eased from 9.3% of GDP in 2010 to 8.5% in 2011, it still is above set target of 8.0%. The official deficit target rate in EU is 6.0%. EU set an aim for Spain to reach 4.4% deficit in 2012, though PM Rajoy announced he expects Euopean Union to review the rate. 
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