The European decision to let Spain have a bit more of flexibility on its deficit consolidation in 2012 (giving up on a 4.4% target, to accept a 5.8% one) is a wise one and it may be showing European leadership is starting to understand the message that we can't only control the deficit by cutting selvatically on public spending - we need to wisely cut it, but maintain a growth outlook. Let's see what comes next on this...
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