Spain’s acting government aims to enforce stricter controls over regional financing as it seeks to convince Brussels it can keep the country’s budget deficit in check, economy minister Luis de Guindos said today. Spain, still without a new government, has been warned several times by the European Commission that it needs to do more to cut its deficit this year. The Commission deemed that a 2016 budget plan passed before the election by Partido Popular was based on overly optimistic growth forecasts and needed to be revised. Under EU rules, Madrid has to bring its headline budget deficit below the EU threshold of 3 per cent of GDP, cutting it to 2.8 per cent from a goal of 4.2 per cent for 2015.
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