Spain may be given extra year to meet budget deficit target of 3 %

A European Union official says Spain may be given an extra year to meet its budget deficit target of 3 percent.

The official says finance ministers from the 17 eurozone countries will consider the extension to 2014 when they meet Monday evening in Brussels.

Another official says ministers hope to achieve a "political understanding" of conditions for a bailout loan for Spain's banks. The "memorandum of understanding" will need to be approved by each eurozone country.

The ministers will also meet Greece's new finance minister, Yannis Stournaras, for the first time and discuss whether to adjust conditions accompanying Greece's bailout.

Officials say no formal decisions are expected from the meeting Monday. Both officials spoke on condition of anonymity because they were not authorized to speak publicly on the matters.