EU certifies Spain’s economy now ‘corrected’ and in a sound fiscal position 

For the EU, the Spanish Economy has been in “special measures” since February 2009, with the EU Council subjecting the country to an excessive deficit procedure, with a requirement for its deficit to be reduced to below 3% by 2012. That deadline has been extended four times due to “major unfavourable consequences for government finances resulting from unexpected adverse economic events” – i.e the “crisis” we’ve all been very aware of, but today the EU has announced that Spain’s economy is now “corrected”, with the excessive deficit reduced below 3% of GDP. Spain is on the mend, and officially, as far as the EU is concerned, in a “sound fiscal position”.

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