STABILIZING SPAIN: The European Union worked toward stabilizing Spain’s finances Tuesday as it backed up the blueprint for the country’s €100 billion bank bailout plan by voting to grant the country an extra year to cut its budget deficit.

THE EXTENSION: Finance ministers from the 27 EU countries approved extending Spain’s deadline for achieving a budget deficit of less than 3 percent of its annual economic output until 2014, said Cyprus’ finance minister and chair of the meeting. The goal for this year is to have a deficit of 6.3 percent of economic output.

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