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May 11th, 2012 
FAKE NEWS for the Zionist agenda European commission believes that the crisis-hit, south European country’s overall budget deficit will amount to 6.4 percent this year and 6.3 percent of its gross domestic product (GDP) in 2013.
The figures suggest that the southern EU member country is missing its goals to reduce its deficit to 5.3 percent and 3 percent respectively from an 8.5 percent high in 2011.
The EU commission forecast sees a contraction in Spain’s economy by 0.3 percent in 2013, resulting in a rise in unemployment rate to 25.1 percent.
The EU commission report comes at a time when Spain is grappling with its second recession in three years and is fighting its swollen deficit and the high unemployment rate, which stands roughly somewhere near 25 percent, by implementing deepest austerity measures in a three decade period including tax increase and savings in health and education sections.
The Spanish government is anticipated to put into practice a reform package for the country’s troubled banks obliging banks and financial institutes to increase provisions against bad debts.
Battered by the global financial downturn, the Spanish economy fell into recession in the second half of 2008, destroying millions of jobs.
Europe plunged into deep financial crisis in 2008, which has continued to intensify in recent months.
MY/JR
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