For the last few months, the European Commission has been warning Spain that it will certainly not comply with its public deficit targets for 2015 and 2016. Many analysts are in agreement with this, while Economy Minister Luis de Guindos rejects it. This is the panorama facing the new Spanish government which, for the moment, King Felipe VI has asked socialist leader Pedro Sanchez to form.
Spain’s deficit target
The international organisation maintained its forecasts for Spanish GDP growth (3.1% in 2015) but cut its global growth estimate to 3.1%, the worst performance since the start of the financial crisis six years ago.