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Spain Premier says country will miss 2012 deficit target, risking EU sanctions
BRUSSELS (AP) ' Spain's Prime Minister says the country will miss its deficit goal for this year, risking sanctions from the European Union.
Mariano Rajoy said that Spain's government deficit will reach 5.8 percent of economic output this year, much higher than the 4.4 percent Madrid had promised to the other EU states.
However, he said Spain still aims to cuts its deficit to 3 percent in 2013.
Spain missed last year's 6 percent deficit target ' it recorded a 8.5 percent total instead.
But a spokesman for the European Commission said Friday that the EU's executive had not softened this year's goal.
Amadeu Altafaj Tardio said "our assessment is based on that target."
That means Madrid ' which has already come under pressure from financial markets ' risks EU sanctions.