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    Spain says deficit reduction still top priority for economy-Metacafe

    Johanne Williams

    por Johanne Williams

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    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.

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