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Spain might get EU deficit target extension

FXstreet.com (Barcelona) - The EU signalized on Tuesday that Spain might be granted two more years to reach the deficit target. Additionally, the President of the European Commission José Manuel Durão Barroso said yesterday that 2013 deficit targets for other EU countries could also be eased.

EU sources suggested that the European Commission could allow Spain to have a budget deficit of 6.5% this year and that deadline for it to reach 3% could be extended by two more years.

Barroso said that the correction of budgetary imbalances in Greece, Portugal and Spain has been very impressive and that the European Commission is considering extending the deadlines for the correction of excessive deficits also for other EU Member States, as the objective is to combine the adjustment of deficits and debt with growth in the short term.

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