European Union finance ministers are set to consider both an extra year for Spain to bring its deficit in line with EU standards and a more lenient target for Madrid in 2012, a spokesman for the European Commission said Monday, dpa reported.
Its proposal calls for Madrid to hit 6.3 per cent of gross domestic product this year - instead of 5.3 per cent - followed by 4.5 per cent in 2013 and 2.8 per cent in 2014, according to Simon O'Connor, spokesman for EU Economy Commissioner Olli Rehn.
The commission had indicated in May that it was ready to consider an extension for the deficit targets, since Spain has to contend with recession and a banking crisis.
Madrid had been tasked with getting its deficit below the 3-per-cent level next year. EU finance ministers are due to discuss the matter on Tuesday.