Government delays reaching EU deficit target by two years

Economy not expected to grow sufficiently to create jobs until 2015. A hike in personal income tax will remain for another year.
The administration of Prime Minister Mariano Rajoy plans to reduce last year’s deficit of 10.6 percent – a figure that includes the European bailout to clean up the country’s banks – to 6.3 percent this year, 5.5 percent in 2014, and 4.1 percent in 2015, before complying with the EU ceiling in 2016, when the shortfall is expected to come in at 2.7 percent.
El Pais