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Rajoy is said to be set to defy the Eurozone and not reduce it’s deficit from 8% of GDP to 4.4% this coming year as order by the Tsars of Europe.

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9107046/Spanish-revolt-brews-as-national-economic-rearmament-begins-in-Europe.html

[DBMarcos99]

A more measured article here. I don’t think Rajoy would “revolt” anyway – he and his government have benefited so far from lower interest on debt, and I really doubt he’d risk that

http://elpais.com/elpais/2012/02/23/inenglish/1330010254_777607.html

[logan]

“Fiscal Slippage”, don’t you just love their terminology. 😆

[Anonymous]

Its more like a financial slip disc !!!!!!!!!!!!.

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Rajoy announced at the EU summit in Brussels that Spain cannot comply with deficit targets. Even as they signed up the new treaty.
http://www.reuters.com/article/2012/03/02/us-spain-economy-idUSTRE8210TJ20120302

Also Francois Hollande, a left wing socialist, who is expected to become the new French President in May has said he intends to renegotiate the treaty Sarkozy has signed on the fiscal compact.

With Ireland’s plans to hold a referendum on the treaty as well it could all unravel very soon.

[Anonymous]

I do not know how to read the “reuters” article !!!. Spain with its record should have accepted the terms of compliance & carried on with a ” pasa nada ” mentality.

Is the leopard changing its spots ????

[katy]

Isn’t the European Union great. Everyone signs up to all the treaties and the club med countries ignore it

Spain’s unemployment firgures out today…up of course. Málaga province has seen an increase of 2.47% which must now put the jobless rate at around 34% 😯

http://www.diariosur.es/20120302/economia/malaga-registra-nuevos-parados-201203021004.html

[Anonymous]

Besides having a fiesta/siesta attitude. Malaga province has reliance on seasonal jobs.

[logan]

Spain has a current budget deficit in 2011 of 8.51%. Over twice the fiscal compact limit signed in Brussels today.
Rajoy has set the 2012 limit at 5.8%. This begs the question where are the cuts going to come from?
With negative growth estimated by the IMF at -1.5% for 2012, revenues will decline. So where are the cuts going to be made?
There is much trouble ahead. 🙁

[Anonymous]

The figures are as reliable as the figures quoted in ” Tinsa”.

[Anonymous]

I actually met 5 people from Malaga up here in the middle “Uppsala” of Sweden today. I admire them comming here looking for jobs. Last time we had spanish people up in Sweden in droves was in the 60s.

As someone mentioned Malaga has a lot of seasonal jobs now when the building boom have died out.

[logan]

I know Ambrose has been predicting the demise of the Euro for some considerable time, but he may just have a point here. The Markets think so.
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100015432/spains-sovereign-thunderclap-and-the-end-of-merkels-europe/
What I find astonishing is the fact that Rajoy went to the EU summit last week in Brussels and signed up Spain to the fiscal pact and at the same time knowing the country could never keep to it for years to come if ever.
Machiavellian plots? Well it is the Ides of March after all. 🙂
http://www.telegraph.co.uk/finance/financialcrisis/9123636/European-Commission-warns-Spain-deficit-slippage-is-serious-and-grave.html

[Author]

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