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 government now expects the economy to shrink by 1.3 percent this year when it previously forecast a decline of 0.5 percent. Growth is expected to return in 2014, when GDP is seen advancing 0.5 percent. It will only be in 2015, when activity is projected to advance 2.4 percent, that jobs will be created. The pace of growth is expected to accelerate to 3.1 percent in 2016.
El País