Spanish premier defies Merkel, raises budget deficit target

The prime minister of Spain, Mariano Rajoy, has triggered a confrontation with the German Chancellor, Angela Merkel, by defying a previously-agreed budget-deficit target.

2nd March, 2012
Mariano Rajoy, Spanish prime minister

The prime minister of Spain, Mariano Rajoy, has triggered a confrontation with the German Chancellor, Angela Merkel, by defying a previously-agreed budget-deficit target just hours after today’s European summit in Brussels.

Rajoy, who was elected in December, declared that Spain would pursue a budget deficit of 5.8 per cent of Spain’s GDP, rather than the 4.4 per cent that Spain’s EU colleagues thought was agreed.

He did so just hours after...

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