BRUSSELS: Spain has to reduce its deficit this year to comply with European Union budgetary rules, the EU's Economics Commissioner Pierre Moscovici said on Thursday.
Asked about the Spanish budget, Moscovici said that in order to stay in line with the rules, the deadline had to be respected.
Spain was required to bring its deficit below 3 percent of its gross domestic product (GDP) in 2016, but the Commission's latest forecasts released on Thursday show that Spain's deficit will be at 3.6 percent this year.
Moscovici added that the obligation to abide by the deadline falls on whichever government will be elected in Spain after the consultations following the December elections.
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