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You're reading: Spain: 2011 deficit could be higher than 8 percent
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De Guindos said the 8 percent figure — up from a 6 percent forecast by the outgoing Socialist government — would have come out eventually and would have almost certainly led to a punishing rise in Spain’s borrowing costs.

The government acted quickly with tax rises and spending cuts — a package totaling about €15 billion ($19 billion) — to stay ahead of events, he said.

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