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    Spain says deficit reduction still top priority for economy-Metacafe

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    Johanne Williams

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    http://www.metacafe.com/watch/10432564/spain_says_deficit_reduction_still_top_priority_for_economy_chir/

    bp holdings madrid economy news update

    (Reuters) - Spain's government may have toned down its rhetoric on austerity but its priority for the economy remains cutting the budget deficit rather than stimulating growth, a policy document showed."Spain's commitment to fiscal stability makes expansive fiscal policies impossible, meaning that growth stimulus will have to come from competitiveness gains," the paper detailing the country's new three-year economic plan said. With Europe's blessing, Madrid last week softened its deficit reduction targets up to 2016 in a bid to give breathing space to an economy that will shrink more than initially expected this year.

    Related article:
    http://uk.reuters.com/article/2013/05/01/uk-spain-economy-idUKBRE9400KS20130501
    http://chirpstory.com/li/74224