The economies of many countries are citing unusual trends. Some are going too low, whereas some are enjoying unexpected gains. Spain is also one in the list of unfortunate countries that are noticing lack of promise in its targets.

In its announcement, Spain's new government has recently announced about the country's failure that they are citing ahead in meeting its budget-deficit target. The officials have revealed that the target has been missed by a wide margin, after which they are switching to spending cuts and also increasing taxes by about _15 billion ($19.4 billion) to stabilize the situation of the country at the brink of red line they are lying on.

Merely one week has completed to the oath ceremony of conservative Prime Minister Mr. Mariano Rajoy and his government. At that time, they said that the Spain's budget deficit will be taken to 8% of Gross Domestic Product in 2011, higher than the set 6% target of the previous government of Socialist Prime Minister Mr. José Luis Rodriguez Zapatero that he committed during his powers to the European Union and financial markets.

After Portugal, Italy and Greece, who all have were forced to go through austerity measures in last few months Spain is now the latest country on the euro zone's fiscally frail periphery to close a yawning budget gap.

"We weren't in favor of tax hikes", government spokeswoman Ms. Soraya Saenz de Santamaria said at a news conference. "They were forced by the size of the [budget] gap we encountered. The government has started to take measures; this is the beginning of the beginning", she said, hinting that the country has to go through some more of the austerity measures.