Re: Re: Spain must leave the Euro.



Wow! only 60 billion….that’s allright then 😆 😆 Much of it coming from the EU fund that doesn’t yet exist 🙄

I wonder how all the billions Spain’s banks borrowed from the ECB to buy all the Government junk bonds is accounted for on the balance sheets!

Here is one opinion on the budget.

Meanwhile, analysts at Citigroup think Spain’s €40bn austerity budget is still not enough. Jürgen Michels and his team said:

In our view the 2013 budget is based on a too optimistic GDP growth assumption – we expect a contraction by 1.8% in 2012 and by 3.2% in 2013. In that respect, the total fiscal tightening measures of 1.3% of GDP are probably not enough to meet the 2013 deficit target of 4.5% of GDP. On the reform agenda, leaving the retirement age unchanged and only taking measures to restrict early retirement looks disappointing. However, the wage bargaining decree seems to be a good step.