Rajoy

  • 30 Mar @ 15:34

    Spain’s new government has announced spending cuts and tax increases worth an estimated EUR 27bn in an endeavour to reduce the gaping fiscal shortfall from 8.5% of GDP at the end of last year to 5.3% by December 31st. Most of the pain is being absorbed by departmental spending – all ministries are to reduce…

  • 16 Mar @ 21:58

    Increasingly apparent over recent weeks is that some national parliaments at balking at ratifying Europe’s fiscal compact. In France, Socialist opposition leader Hollande has already promised that he will seek to renegotiate the pact should he be elected in the upcoming Presidential election; he currently leads Nicolas Sarkozy in the polls by a comfortable margin…

  • 16 Mar @ 21:46

    Although the political and financial temperature in Europe has definitely eased over recent months, a myriad of potential issues and concerns remain. Right near the top of the pile is Spain, where the economy is once again back in recession, the unemployment rate is a staggering 23%, house prices are collapsing and the government is…

  • 09 Mar @ 15:20

    After Prime Minister Rajoy’s defiant announcement a week ago that Spain’s revised deficit target for 2012 would be 5.8% of GDP rather than the 4.4% desired by Brussels, of interest has been a distinct diplomatic thawing between the two sides. Not one single European politician has berated Spain for its open resistance to the dictates…

  • 06 Mar @ 13:29

    Spanish Prime Minister Rajoy deserves considerable credit for his defiant stance against Europe’s fiscal hawks. After Spain recorded a worse-than-expected budget deficit last year of 8.5% of GDP, Brussels had refused to countenance any adjustment to the 4.4% target it had laid out for the current year, despite various attempts by the new Spanish government…

  • 24 Jan @ 16:16

    Spain is in a very knotty financial situation currently, one that will take a desperately long time to rectify. Not helping its predicament are signs that the economy is back in recession. According to the Bank of Spain, growth will contract by 1.5% this year. For those ministers responsible for putting Spain back onto a…

  • 23 Jan @ 12:40

    According to an interview in a Barcelona newspaper over the weekend, Budget Minister Montoro has urged the EU to give Spain some breathing room with respect to the achievement of its fiscal targets. This morning’s Q4 GDP figures confirm that such a reappraisal is urgent. The economy contracted by 0.3% in the final quarter of…