Eurozone downturn and deficits to persist,Commission says

Monday, 25 February 2013 - 12:14

Eurozone+downturn+and+deficits+to+persist%2CCommission+says

 

The eurozone recession will persist into 2013, the European Commission has conceded in its latest forecast.

Governments face an uphill battle to rein in their overspending, with Spain, France and Portugal all failing to cut their deficits to agreed targets.

Spain's deficit, at 10.2% of GDP in 2012, was well above its 6.3% target, and would stay above target into 2014.