MISSED GOAL: Spain's prime minister said Friday that his country will miss its deficit goal for this year, risking sanctions from the European Union. The announcement came as the government reported a big rise in claims for jobless benefits and a forecast that economic output will fall this year.
NO SURPRISE: Spain sailed past last year's deficit target as well. Instead of 6 percent of gross domestic product, the 2011 deficit reached 8.5 percent.
LOOKING AHEAD: Spain still aims to cuts its deficit to 3 percent in 2013, which would bring it back in line with EU fiscal rules.