Spain Wildly Off Budget Target, Expect Alarm Bells and Warnings

by Mike ‘Mish’ Shedlock
Mish Talk

Under Eurozone rules budget deficits can be no greater than 3%.

Spain has missed every budget target for years even though Brussels has been very lenient time-wise in those targets.

Today, not only did Spain miss its 6-time revised lower targets, it fell further behind with a whopping 5.2% deficit backtrack, nearly a full percentage point over its target.

The magnitude of this miss surprised nearly everyone but me.

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