'Forget it' says Madrid on deficit cut target

Spain is defying the EU over cutting its deficit this year.

Prime Minister Mariano Rajoy, who was in Brussels to sign the new fiscal pact, said with Spain's economy in recession there was no way they would get the deficit down to the original target of 4.4 percent of gross domestic product. Instead it would be cut to 5.8 percent from last year's 8.5 percent.

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