Brussels

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Time to slash regions’ spending in Spain

MADRID | The Spanish government has adamantly refused to accept any macro conditioning that might portrait it as falling under a full-fledged intervention. Markets hold a different view witnessing how recommendations advanced by the Brussels bureaucracy are taken to the line. VAT increase stands as the paramount example of an ill-judged proposal Spain is implementing under euro-pressure. Wasn’t the party now in power forcefully opposed to a similar measure not so…


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Practical guide to know how and when Spain will implement the new adjustments

B. Toribio and R. Ugalde (lainformacion.com) | Fasten your seat-belts! This week we will see a new wave of cutbacks that will affect Spaniards'pockets. The president of the Spanish government Mariano Rajoy, and his team, have been warning the country for the last weeks, and here we explain how, when and why those measures will be carried out. Next Friday July 13 is the beginning of many more austerity announcements…


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Spain should seize the opportunity for reform, sovereignty is secondary

MADRID | You can fool someone for a long run. You may fool many people for a while. But you cannot pretend to fool everybody forever. Claims on Saturday that the deal only amounted to European lending for Spanish banks did not stand up to the week-end erosion. It was clear from the start that the money was to be channelled through a public body and fully covered by a…


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The European banking union is already built-in, can’t you see?

i want you back letter for boyfriend LONDON | The European Commission on Wednesday tumbled and mumbled about the set up of a banking union. Although urgently needed, it would only languish in the corridors, even provided a sudden agreement to push it through could be met. The European Union has no main political door, as it lacks of an executive body directly propped up by a legislative chamber: both…


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Brussels rediscovers growth

MADRID | Brussels seems to start taking growth into serious consideration. Up to now it follows the line that bringing deficit under tight control would be enough to trigger recovery, austerity standing as the only recipe to cure every shortcoming. The severe downturn that currently plunges European economies into utter disarray is casting doubts on the merits of such a simplistic view. Countries having lived beyond their means face now a…


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Spain in dire need to square the circle of the deficit target

By Juan Pedro Marín Arrese, in Madrid | The Spanish government publicly claims success in limiting damage after having boldly taken the step to revise upwards the deficit target. But privately, it recognises that being forced by partners in the Eurogroup to trim it down came as a nasty surprise. Overconfidence had led Madrid to believe that the understanding attitude shown over Spanish budgetary problems would be enough to shore up…


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Spanish Treasury: yields still falling despite scuffle with Brussels

By Tania Suárez, in Madrid | The new deficit targets established by Brussels left unmoved the Spanish Treasury issuance performance. It has placed €3,009.29 million in bonds and debentures at lower interests, few days after the Spanish government set up a higher deficit target for 201 and after Brussels mended it to a final 5.3% from an initial 4.4%. Specifically, the Treasury has placed €976.18 million of the €4,031.18 million…