Madrid has promised European counterparts to cut its deficit to 6% of its Gross Domestic Product (GDP) next year, from 11.1% last year. The total austerity package proposes additional savings of €15bn between 2010 and 2011. The aim is to trim Spain’s budget deficit from 11.1% of gross domestic product last year to 9.3 % this year and get it down to 3% by 2013.