The past year has been a confidence-sapping story of missed fiscal targets. The budget deficit was supposed to have fallen from 9.2% of GDP (now revised up to 9.7%) in 2010 to 6% in 2011. But there was a big overshoot and the eventual deficit last year was 9.4%. This year’s target, which excludes…
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When a bail-out for Spain arrives, it is likely to be prolonged