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March 5th, 2012 
FAKE NEWS for the Zionist agenda EU Economy Commissioner Olli Rehn’s spokesman Amadeu Altafaj said on Monday that Spain’s ‘Slippage’ worth tens of billions of euros, amounts to a “serious” and “grave” budgetary deviation.
“We need to shed full light on what went on Spain in 2011,” Altafaj said.
The announcement comes after Madrid said its 2011 public deficit has jumped to 8.5 percent of the gross domestic product, which is 2.5 percent higher than the initial 6 percent announced, with the state spending 90 billion euros more than it took in last year.
On Friday, Spanish Prime Minister Mariano Rajoy said that his recession-ridden country will miss its deficit goal for this year amid soaring unemployment and a deepening recession.
Rajoy said that his government deficit will reach 5.8 percent of economic output this year, which is much higher than the 4.4 percent Madrid had promised to the other states in the 27-nation bloc.
Rajoy along with 24 other European leaders has signed the German-inspired fiscal pact for stricter budget discipline, which includes automatic sanctions for budget rule breakers aimed to prevent future debt crises.
Spain has the highest jobless rate of 21.3 percent in the eurozone with 4.9 million unemployed people.
The worsening eurozone debt crisis has led to a major increase in Spain’s financing costs, creating fears that it may have to follow Greece’s footsteps in seeking a bailout package.
PG/JR
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