Spain misses 2015 deficit target

• 2015 target of 4.2% was set by the EU, comes in at 5.2%
• Spain forecast 4.8% in Feb
• 2.8% set for 2016, already expected to miss at 3.6%

They are still under the EU's excessive deficit procedure program from 2009. It's the EU's version of the naughty step.  Deficit targets in the EU are as rigid as a wet tissue in the wind.