The euro group of finance ministers wants Spain to reduce its deficit to 5.3 per cent of gross domestic product this year.
This target replaces a 4.4 per cent deficit originally targeted but will require tougher budgetary action from Spain.
Spain has said it will only be able to reach a deficit of 5.8 per cent of gross domestic product this year. It is aiming to get the deficit back to three per cent in 2013.
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