Spain to miss deficit targets in 2012, 2013: says IMF

As per IMF, Spain will miss its deficit targets in 2012 and 2013 and its debt will jump to more than 90 percent of gross domestic product next year as it recapitalizes its banking sector.

The International Monetary Fund said in its fiscal monitor report that the country's deficit would reach 7 percent of GDP in 2012 and 5.7 percent in 2013, compared with European Union-agreed targets of 6.3 percent of GDP this year and 4.5 percent of GDP next year.

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Spain replaced Greece, Portugal and Ireland as the epicenter of the euro zone debt crisis after it missed its budget targets by a wide margin in 2011.

Read details: Business Recorder

Posted in: Budget, Debt, Deficit, Finance, GDP, IMF, Spain