European Union officials told Spain that the country's plan to cut its deficit to 4.5% of gross domestic product in 2013 relies on overly rosy economic assumptions, Bloomberg reported Thursday, citing unnamed persons. According to the report, the EU assessment was delivered to Spanish Economy Minister Luis de Guindos in Madrid, October 1.
The country's 2013 budget plan is based on supposition that there should be 0.5% contraction in GDB.