URGENT ¥¥¥ Spain cut deficit below 7% of GDP in 2012: PM

Spain cut its public deficit below seven percent of gross domestic product in 2012, against a target of 6.3 percent set by European authorities, Prime Minister Mariano Rajoy said on Wednesday.

Rajoy told parliament in a state-of-the-nation address that his tough deficit-cutting measures had rescued Spain from "shipwreck".