Jan Strupczewski and Robin Emmott
February 22, 2013
The euro zone will not return to growth until 2014 and struggling Spain and France will be among those who miss debt-cutting targets as a result, the European Commission said on Friday.
Paris and Lisbon said they would seek more time from Brussels to reach their deficit goals. Madrid has already indicated the same.
The EU’s executive said the euro zone economy, which generates nearly a fifth of global output, would shrink 0.3 percent in 2013 after a 0.6 percent fall last year, blaming a lack of bank lending and record joblessness for delaying the recovery.
This article was posted: Friday, February 22, 2013 at 3:27 pm