In Moody’s opinion, Spain will only manage to bring down its deficit to 6% this year, failing thus to reach the 4.5% target required by Brussels.
In the report, which was released in the European morning, the agency assures that the continuous deviations from the deficit objectives and the recurring revisions of the estimates carried out by the Spanish government undermine its credibility.
Even though the agency acknowledges the country’s fiscal consolidation efforts and highlights the good results obtained in 2012, it also warns against the multiple threats to the Spanish economy.
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