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Spanish Prime Minister, Mariano Rajoy (C), delivers a speech during the new Spanish Government`s first Question Time session at Lower House of Spanish Parliament in Madrid, Spain, 22 February 2012. EPA/BGNES
Spain plans to ask the European Union to allow its 2012 budget deficit to exceed 5% of gross domestic product, well above the limit of 3% of the GDP permitted by EU rules, the online edition of El Pais reported.
Spanish Prime Minister Mariano Rajoy and Finance Minister Luis de Guindos will approach Brussels with that request in ten days, the report said, citing sources close to the government.
Spain fears that its economy cannot handle lowering the debt-to-GDP from 8% in 2011 to 4.4% for 2012, which would entail a bigger drop in growth and an increase in the jobless rate.
A spokesperson for Spain's economy ministry said the country's commitment to budget austerity is "absolute" and the government is determined to put in bigger efforts to lower the deficit than last year.
The European Commission will release its latest 2012 and 2013 forecasts for the 27-nation bloc on Thursday.
The European Union is likely to give countries such as Spain softer and much more realistic deficit targets, according to reports.
Spain has officially launched its system of digital identity, which came into effect on April 2 and grants the electronic version of the national identity card the same legal validity as the physical document
The Council of Ministers has adopted the Report on the State of Defense and the Armed Forces of the Republic of Bulgaria for 2025, which was submitted to both the National Assembly and the public, outlining an overall assessment of military readiness and
Spain has taken an additional step in distancing itself from the U.S.-led military campaign against Iran, announcing the closure of its airspace to American aircraft involved in the conflict
Preliminary data from Eurostat show that the European Union’s average GDP per capita, measured in purchasing power standards (PPS), reached 41,600 euros in 2025
Bulgaria’s economy expanded by 3.0% in the fourth quarter of 2025 compared to the same period in 2024, according to preliminary figures from the National Statistical Institute. On a quarterly basis, seasonally adjusted data indicate a growth of 0.8% relat
France, Italy and Greece have agreed to align their military presence in Cyprus and the eastern Mediterranean in response to rising regional tension
Bulgaria recorded only a modest and one-off increase in inflation following the adoption of the euro on January 1, with the effect estimated at between 0.3 and 0.4 percentage points
Data released by the Ministry of Finance, covering budget execution for February 2026 and preliminary estimates for March 2026, indicate a marked deterioration in Bulgaria’s fiscal position
In the 2026 edition of the Index of Economic Freedom, compiled by the Heritage Foundation, Bulgaria is placed 38th out of 176 countries, positioned between Costa Rica and Oman
Finance officials and the Bulgarian National Bank have issued a series of warnings about Bulgaria’s fiscal and economic outlook for 2026, highlighting rising pressure on public finances, slower growth, and higher inflation.
With the initial months following the introduction of the euro, institutional oversight in Bulgaria is gradually shifting from intensive inspections to a more systematic and long-term monitoring framework
Bulgarian National Bank Governor Dimitar Radev has warned that inflation risks are increasingly driven by geopolitical developments, stressing that Bulgaria remains firmly anchored within the European institutional and political framework
Aniventure Comic Con Returns to Bulgaria with Star Guest Christopher Judge!
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