"In a move that was heralded in Spain as defiance against the German-led austerity drive, Mr Rajoy said he had decided to set a new target rather than extract €44bn (£36.6bn) from the budget at a time of economic crisis. Mr Rajoy said it was now a "sensible and reasonable" target. "This is a sovereign decision made by Spaniards," he said.
Spain's appeals to Brussels to relax the targets have been rebuffed in recent days. The European Commission has reportedly insisted on investigating the reasons for Spain missing its previous targets first."
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