IMF: EU countries to miss budget target.

 Spain's budget deficit will hit 7% of GDP in 2012 and 5.7% in 2013, thereby missing EU-agreed targets of 6.3% and 4.5% respectively as the country recapitalizes its banking sector, the IMF has forecast. The fund added that debt will hit 90.7% this year and 96.9% next year, well above Spanish estimates. The fund also predicted that France and Italy will miss their goals, and warned that the U.K. should slow austerity if the economy continues to founder.