MADRID (AP) — Spain slashed its economic forecasts Friday and said it would take two years longer than promised to cut its swollen deficit in an acknowledgement that its harsh austerity measures had failed to bring its finances under control.
Revealing its latest batch of reforms and measures, Spain’s economy ministry warned that the country’s economy will contract 1.3 percent in 2013, instead of 0.5 percent as originally predicted, but would grow 0.5 percent in 2014.
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