Top Stories

deficit

No Picture

Markets 15th March 2012

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…

z

Spanish economy 12th March 2012

Worrying facts about the Spanish deficit

By Juan Pedro Marín Arrese, in Madrid | The way the data on the Spanish deficit snowballed from 6% in mid-December to 8% a few weeks later and to 8.51% now, has led many to raise their eyebrows in utter disbelief. Even allowing for some benign neglect shown by the out coming government, such a huge deviation adds little credit to budgetary figures outside central administration boundaries. It not only proves…

No Picture

Spanish economy 29th February 2012

Spain will “double efforts” to compensate deficit drift, minister De Guindos says

MADRID | The Spain’s minister of Economy and Competitiveness Luis de Guindos announced Wednesday that he will explain the euro group the country’s 2011 budgetary slippages “with transparency and and accuracy,” reports new agency EFE. De Guindos also will defend that this year’s Spain’s commitment to fiscal consolidation is ‘absolute’, in spite of the estimated 2011 ‘complex’ deficit drift of 8.5% (from previous 6%) and the EU’s economy negative growth…

No Picture

Spanish economy 28th February 2012

Spain records a staggering deficit

By Juan Pedro Marín Arrese, in Madrid | The new elected Cabinet warned in mid-December about a substantial deviation from the planned deficit in last year. Its early forecast pointed to a revised figure of around 8% in terms of GDP, in stark contrast with the 6% target, claimed by the out coming government to have roughly held on line. Final deficit, announced on Monday by the Finance minister, has climbed to…

xllx

World economy 14th February 2012

Obama chooses debt… and hopes for growth

NEW YORK | While Europe is determined to cut the deficit now and see what happens later, the Obama administration has chosen the other way: spend now, cut in the long term. As the president has just put it “[We] can’t just cut our way into growth.” Not willing to risk the improvement the US economy is experiencing, he has sent to Congress a $3.8 trillion budget for the fiscal…

No Picture

Spanish economy 27th January 2012

Why Rajoy did not demand Merkel more flexibility for Spain

[UPDATE] By Julia Pastor, in MADRID | The Spanish president Mariano Rajoy visited Berlin on Thursday. It was his first official meeting with the German Chancellor Angela Merkel since he was sworn in as president. Against the backdrop of the next January 31 European summit, it was expected that Rajoy would propose Merkel to relax Spain’s deficit ceiling for 2012 and 2013, considering the appreciable cutting of IMF’s growth perspectives for…

No Picture

Spanish economy 21st January 2012

Weekend long read: Spain’s finance and economy ministers open their portfolios to Wall Street and Frankfurt

By Ana Fuentes in New York, and Julia Pastor in Madrid | Right before the three crucial meetings (Eurogroup, Ecofin and European Council) that will take place in the next 10 days, the Spanish government is deploying its best arguments in order to regain markets’ trust. Rajoy’s economic team, the Finance minister Luis de Guindos (left) as well as Cristóbal Montoro, minister of the Treasury, appear in the weekend edition of…

No Picture

Spanish economy 11th January 2012

Rajoy to Spain’s banking sector: “be transparent and merge”

MADRID | In his the first interview granted to Spanish media as Prime Minister of the Spanish government and after a number of weeks of silence (which has been heavily criticised by the press), Mariano Rajoy explained to new agency Efe some details of his political and economic project for the country. Among many aspects, he spoke of the restructuring of the financial sector for which he announced a re-organisation plan,…