spanish PM pedro sanchez

The Government Expects A Deficit Of 8.4% This Year

The Council of Ministers on Tuesday approved the non-financial spending limit, the ‘spending ceiling’, for the State Budget for 2022. This remains at 196.142 billion euros, in line with the figure recorded a year earlier, including extraordinary transfers to the Social Security (of 18.396 billion), to the autonomous communities, and part of the European funds. The government has also maintained its public deficit forecast of 8.4% of GDP for this…

spain public finances

Perseverare Diabolicum

Last week the Council decided that Spain and Portugal’s recent efforts to reduce deficit were not enough. This lead to the two countries being fined, the first time this happens since the inception of the euro.


Spanish public debt

Fiscal rectitude lags behind in Spain

Spain’s public deficit ranks as the highest one in the eurozone, with the exception of Cyprus. Up to now, a set of exceptional circumstances has allowed for a stance of benign neglect at visible cost. But dangers loom ahead if fiscal rectitude is not firmly enforced.

No Picture

Investors appetite for Spanish economy: will it last?

MADRID | By David Fernández | Foreign investors are showing a sudden interest in assets made in Spain due to, among others, central bank’s last data, Europe’s decision to delay the deficit commitment by two years and international factors such as second-round monetary helicopter launched by the Bank of Japan. Will this trend vanish?

No Picture

Spanish government meets the regions to set specific deficit targets

By Tania Suárez, in Madrid | On Tuesday afternoon, July 31, the Council for Fiscal and Financial Policy (CPFF by its Spanish initials) will meet the central government in order to establish the deficit target and debt levels of each region in Spain for 2013. It is expected that the regions will adapt themselves to the general targets, which marked a mutual deficit of 0.7% for 2013, 0.1% for 2014…

1216B Poor CA Bear C5

S&P: California’s aggressive austerity won’t solve its huge deficit

free advice on getting your ex girlfriend back NEW YORK | California's new fiscal year begins July 1 with a massive problem: a $16 billion hole, the biggest deficit of the 50 states. Without one budget in place, the Golden State would not be able to make certain payments to schools or pay salaries of officials and their staff. While part of Europe suffers from austerity, California's lawmakers are also…


BANKIA plight undermines Spain’s credibility

MADRID | Utter disarray might sound a mild and tender description for the knock out effect BANKIA crash landing has inflicted on Spain’s credibility. Only a few days ago, the government downsized the issue to a trifle €7 billion support. The bill runs now at €24 billion, with the prospect to rise still higher. Spending such a huge pile of money doesn’t stand as the most worrying fact. After all,…


Spain’s €30-billion privatisation plan to affect AIG, Renfe among others

The Spanish government estimates it may take in up to €30 billion through an “ambitious” privatisation plan which will be passed before summer, reported news agency Europa Press on Monday. This new government plan, which completes the reforms that have already been approved as well as other further measures (the single market, or the entrepreneurship law) will affect all the ministries and enable private initiatives to enter in a large number…