by Mike ‘Mish’ Shedlock
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.