Spain: EU appeal for greater accounting transparency

21 May, 20:43

(ANSAmed) - Madrid, MAY 21 - The European Commission has stressed the need for "greater transparency" in Spain's public accounts, after the Madrid government announced a correction, raising its level of deficit in 2011 to 8.9% of GDP from the previously stated 8.5%. "Vice President Rehn has repeatedly stressed the need for greater transparency and good management of public accounts at all levels of administration, central government, regions and municipalities," Amadeu Altafaj, the EU spokesperson for economic affairs told Europa Press. Mr Altafaj did not state any consequences that would follow from a further overshooting of last year's deficit, caused by the three regions of Madrid, Valencia and Castilla y Leon. But he did refer to the audit of the economic situation of each country of the euro area, which will be presented by Brussels on May 30. This week the EU will send Eurostat experts to Madrid to check whether this last correction of the 2011 deficit was "exhaustive". (ANSAmed).

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