Economy

xchrom

(108,903 posts)

35. Eurozone downturn and deficits to persist, Commission says

Fri Feb 22, 2013, 09:02 AM

Feb 2013

http://www.bbc.co.uk/news/business-21544328

Spain, France and Portugal have failed to cut overspending to agreed targets, the European Commission has said.

Spain's government deficit was 10.2% of the country's economic output in 2012, well above the agreed 6.3% target, and will stay far above target into 2014.

Meanwhile, the Commission joined other major international organisations in admitting that the eurozone economy would contract in 2013.

It is forecast to shrink 0.3%, making the governments' task even harder.

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