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"This year the effort to reduce the structural deficit will be 3.5 (percent) because we have to compensate for what wasn't done last year. The objective for the public deficit during the coming year (2012) will be 5.8 percent," Rajoy said at a news conference. He said the target was reasonable and that he saw it as being within European Union guidelines which aim at cutting the deficit to 3 percent of GDP by next year.