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		</div><p>The European Union has set new deadlines for Spain and Portugal to bring their budget deficits into line after both countries escaped fines for failing to rein in spending.</p>
<p>A spokesman said: &#8220;Portugal is now required to correct its deficit by 2016 and Spain by 2018 at the latest.&#8221;</p>
<p>The dates had been proposed by the executive Commission and officially approved on Tuesday by all EU states.</p>
<p>The two countries must submit a report by October 15 on how they plan to bring their deficits under the EU ceiling of 3% of gross domestic product (GDP).</p>
<p>Portugal expects its deficit will fall from 4.4% of GDP last year to 2.2% this year. Last year&#8217;s deficit in Spain, where inconclusive elections caused political paralysis, was 5.1%.</p>
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