'Forget it' says Madrid on deficit cut target

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Prime Minister Mariano Rajoy, who was in Brussels to sign the new fiscal pact, said with Spain's economy in recession there was no way they would get the deficit down to the original target of 4.4 percent of gross domestic product. Instead it would be cut to 5.8 percent from last year's 8.5 percent. This statement comes as Spain's recent unemployment statistics show a whopping 23% unemployment rate.

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