According to Spanish Economy Minister Luis de Guindos deficit for 2011 will most probably exceed 8% of GDP.
On Friday government announced 15 billion euro saving packet, that includes increase of taxes and expenses cut in order to avoid increase of interest rate for Spanish bonds.
More cutbacks are expected at the end of March, when new tight budget for 2012 will be announced.
The government is planning to reduce deficit to 4.4 % of GDP in 2012.
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