Spain getting ‘over’ debt problems?

European Central Bank Governing Council said recently that Spain seems to be on track to meet its 2010 budget deficit reduction targets, but highlighted some risks he sees for its 2011 spending plans.Recent budget data point to the achievement of objectives for 2010, at least for the central government.
Spain is under intense pressure from the European Union and financial markets to slash a budget deficit that breached 11% of gross domestic product in 2009. It has pledged to reduce it to 9.3% of GDP in 2010. The 2011 budget the government sent to parliament last week calls for a 7.9% cut in spending, to cut the deficit next year to the target of 6% of GDP.
However, the cost in unemployment has been high. The number of unemployed people in Spain reached over four million in September. There were 48,102 more 'newly unemployed' compared to August, out of a total of 4.17 million.
The plan may be working, but, to coin a phrase, the Labour isn’t.