Spain faces pressure from EU to implement bigger deficit cuts

Source: Bloomberg
European governments urged Spain to implement larger budged deficit cuts to prevent debt crisis from returning to the region. 10 days ago Spanish PM Rajoy unilaterally increased Spain's deficit target to 5.8% of GDP for year 2012 and claimed the country will aim to attain region's common target of maximum 3% in 2013. The announcement was not praised by region's officials who recently signed fiscal discipline treaty. 
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