They are in any case sceptical that Spain can meet its targets for cutting the deficit in the teeth of a recession that is harsher than expected.
This situation has taken a turn for the worse as Greece will apparently not meet its deficit targets this year.
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The European Union sovereign debt situation during the weekend took a turn for the worse as reports said Greece will not meet its deficit targets this year.
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What is clear is that Portugal is in a very bad way economically, and is not going to meet its deficit targets this year without further Herculean budget cuts.
This situation has taken a turn for the worse this week as Greece will apparently not meet its deficit targets this year.
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But if the foreign resources are badly employed, or if the current-account deficit grows too fast, a country may not be able to meet its obligations to foreign creditors.
Antonis Samaras, the Greek prime minister, started a European charm offensive with an appeal to Germans for more time to meet targets for deficit cuts.
We know that the national auditor stated on July 2nd that the government needs between EUR6 and 10Bn in savings this year to meet the 2012 deficit target of 4.5% of GDP and if it is to hit a 3% figure in 2013 it has got to find EUR33Bn in savings.
The country is walking what amounts to an oil-slicked tightrope: the austerity packages designed to cut spending and reel in more bailout money from its European brethren are also a brake on growth that keep the economy from producing enough money to reduce the deficit and meet the criteria for any additional loans.
The former Greenpeace activist wants a "more socially conscious", caring continent, with countries given more time to meet the tough EU budget deficit targets, and some injections of targeted stimulus.
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