Rehn confirms within two years compliance period will be extended to deficit in Spain and France

FXstreet.com (Barcelona) - Olli Rehn, vice president of the European Commission responsible for Economic Affairs, announced today that the deadline for achieving deficit to Spain and France would be extended by two years, placing it in 2016 and 2015 respectively.

At the hearing before the media to announce on economic forecasts of the euro zone this spring, Rehn has clarified that there are two additional years to which Spain could achieve a deficit target of 3% by the worsening economic situation and because it welcomes the Spanish government's budget strategy in the medium term.

Concerning France, Rehn has said that should correct the deficit by 2015 at the latest, and has justified the decision saying that the economic recovery will be delayed in the country led by Hollande.