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Spain expects 1-yr budget gap extension -govt
MADRID, Oct 25 (Reuters) - Spain thinks the European Commission could grant a one-year extension on deadlines for EU countries to reduce their budget gaps, Economy Minister Elena Salgado said in an interview with newspaper elPeriodico published on Sunday.
"It's possible that the European Commission decide to grant a general extension of a year. We're working with the reference of 2012, and if there's no choice we'll meet it. But if Brussels decides to extend the deadline, obviously, we'll use it," Salgado said.
However, she said Spain had not specifically asked for an extension and that the Commission's decision would come before Spain takes over the rotating EU presidency in January.
Spain has said it is committed to bringing the deficit back to within European-Union recommended levels of 3 percent of gross domestic product by 2012, down from an estimated 9.5 percent of GDP in 2009, but many economists are sceptical.
Last week EU finance ministers said deep cuts to budget gaps in the European Union must start in 2011 at the latest if forecasts next month show stable growth. [ID:nLK345098] (Reporting by Tracy Rucinski; Editing by Mike Nesbit)
