The main laggard was Spain, which badly missed the 6.3 percent of GDP deficit target for 2012 with a result of 10.2 percent. Even money the government spent on recapitalizing banks, the 2012 deficit is still well above target at 7.0 percent of GDP.
This year, Madrid will have a deficit of 6.7 percent rather than the 4.5 percent set for it by EU finance ministers. And unless policies change, Spain will have a gap of 7.2 percent in 2014 against the target of 2.8, the Commission said.
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