[Chopera]

been delayed to 14.00 hrs BST….

and then delayed again to 16.00 hrs BST…

Hmmmmm

I will try to update this thread when I hear anything, based on FT live feed:

http://www.google.es/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CDYQFjAA&url=http%3A%2F%2Fblogs.ft.com%2Fthe-world%2F2012%2F09%2Fspains-budget-live-details-and-reaction%2F&ei=OWZkUOsnoeHhBIPVgcAE&usg=AFQjCNErI4bciaO0fDEyRZ6YLlUnC_EtLg&sig2=gs2J8CQvvObiHZwv0RSrdA&cad=rja

(google link should get round FT’s account wall – but I’ll remove it if it’s going to get Mark into trouble)

[DBMarcos99]

Live updates in Spanish

http://www.eleconomista.es/en-directo/cronicas/3307/09/12/En-Directo-El-Gobierno-aprueba-los-Presupuestos-de-2013.html

This Spanish reporter is doing a good summary as it happens, often in English, on Twitter.

https://twitter.com/Suanzes

[DBMarcos99]

Lottery winners to pay 20% tax (on winners over 2500 euros).

Not sure if that’s good or bad! 😕

[Anonymous]

I saw that bit, oh dear…the craze of scratch cards and el gordo might get the masses protesting?

[angie]

Well, I hope I don’t win El Gordo now 😆

Interest on Spain’s public debt next year will rise from 28.8 billion euros to 38.6 billion euros.

As we speak the gold price is rocketing, yippee 8) Which means all those residents and visitors on and to the Golden Mile will be richer, sell all their bling for cash, and all the excess property there will be mopped up no doubt, so good news at last 😉

[Anonymous]

Thanks for the thread. Taxing lottery winning is a clever move.

[Chopera]

Not really that much announced as far as I can tell. The creation of an independent fiscal authority (how independent?) , funcionaries get the extra payment back next year (but no pay increase), pensioins up by 1%, blocking a Catalan referendum (not really much to do with the budget), taxing lottery wins, handouts for buying green cars, and something about preventing people from retiring early (before the age of 60?)

Have I missed anything?

[angie]

I have to say Chopera I find it strange that Spain is to create ‘an independent fiscal authority) and agree ‘how independent’?

Surely this will be another ‘jobs for the boys’ rackets with big salaries and perks, if so, I doubt it will go down well with those who are suffering. 🙄

[Anonymous]

This by default means that the existing fiscal authorities have not performed !!!!

[Chopera]

http://www.zerohedge.com/news/2012-10-01/days-after-disclosing-its-2013-austerity-budget-spain-announces-it-will-miss-revised

Remember when last week Spain disclosed the terms of its 2013 Austerity budget, and everyone, literally, came out of the trunk in the ZZ Top wagon, including Olli Rehn who said Spain had done even more than Europe demanded, which led many to believe this was the basis for Spain preparing to announce its bailout request? Well, today Europe is kinda, sorta force to reevaluate said statement, and poor Mr Rehn has to self-flagellate himself in some Helsinki sauna for speaking too fast, because over the weekend Spain preannounced (the first of many) 2012 budget target misses. The Spanish government said the deficit would hit 7.4% of GDP, which misses the 6.3% target set for the year. The 6.3% number in turn, was a “loosened” goal as the original deficit target for the country set by the Commission was 5.3%. What will happen is that at some point, in late December just like in 2011, Spain will say it was only kidding and the real budget deficit will be in the double digits, or about 100% more than the preliminary announced one. But don’t worry: in 2013 all shall be well: IMF, ECB, Spain and Princeton economists all over the world promise, so it must be.

[angie]

Anti austerity demonstrations today in 56 Spanish Cities with many saying these measures will increase unemployment drastically 😮

Trying to imagine what that would seem like if similar happened in 56 UK Cities if we’ve got that many 🙄 Surely would make the largest headlines in the UK yet sort of just accepted as more of the norm for Spain, perhaps the ‘gathering storm’ 🙄

[Author]

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