France and Spain accumulated more public debt last year than allowed by European Commission-approved targets, according to Eurostat. France's deficit hit 4.8% of gross domestic product rather than the 4.5% limit, and in Spain, the deficit reached 10.6% of GDP, above the 10.2% target, the agency said. Meanwhile, Italy brought its budget deficit down to the EU limit of 3% of GDP for the first time since 2008, according to Eurostat.

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