Spain will be offered more time to hit the budget deficit targets it agreed with the EU but only if Madrid meets tough new conditions, including an independent audit of the restructuring plan for its troubled banking sector.
The European Commission, the EU’s executive branch, has insisted on the additional conditions – which include ensuring more fiscal control over Spain’s profligate regional governments – before allowing Madrid to delay its 2013 deficit target by a year.
Spanish officials yesterday said they were not seeking any delay to the deficit targets, seen by European leaders as an essential part of the eurozone’s strategy to resolve its financial crisis.
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