EU orders Spain to submit new draft budget for 2016
European Commission
Brussels - Arab Today
The European Commission on Monday ordered Spain to submit a new draft budget with lower deficit estimates to avoid violating the bloc's tough spending rules.
"The Commission expects Spain's headline budgetary deficit to decrease to 4.5 percent this year and to 3.5 percent of GDP in 2016, not meeting the target for Spain to correct the excessive deficit by 2016," the Commission, the EU's executive arm, said in a statement.
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