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メキシコのロスカボスで開かれた世界経済主要20カ国会議では、スペインは財政赤字削減や国家予算の負債削減の目標は達成できないだろうと予測
El G-20 advierte de que España puede incumplir los objetivos de déficit y deuda
El comunicado final alaba la reforma laboral y el rescate de la banca
Sin referencias a la seguridad jurídica, pese a la petición de Rajoy
Alejandro Bolaños Los Cabos20 JUN 2012 - 05:34 CET
The G-20 cautioned that Spain may not meet the deficit and debt targets
The final communique praised the labor reform and the rescue of the banking
No references to legal certainty, despite the request of Rajoy
DOWNLOADABLE final declaration of the G-20 in Mexico (English)
DOWNLOADABLE Declaration on Spain (in English)
Alejandro Bolanos Los Cabos 20 JUN 2012 - 05:34 CET
The final communique praised the labor reform and the rescue of the banking
No references to legal certainty, despite the request of Rajoy
DOWNLOADABLE final declaration of the G-20 in Mexico (English)
DOWNLOADABLE Declaration on Spain (in English)
Alejandro Bolanos Los Cabos 20 JUN 2012 - 05:34 CET
The G-20 has begun to test whether the targets set in the seven summits held so far met. In this first self-published at the end of the summit in Los Cabos (Mexico), Spain suspended in the fiscal adjustment, although stressed that "a remarkable structural effort" and that "we are implementing a deficit-cutting plan ".
The G-20, built from the International Monetary Fund estimates, warns that Spain "could breach the target for 2013, due to the weak economy and restructuring the banking system." On this last point, the report of the G-20 agrees with what was said by Brussels: EU loan to the bank through the Spanish state will lead to an increase in the deficit, and not only public debt.
Spain was committed to reduce its 2010 deficit (9.3%) to at least half by 2013
Spain, as a member of the G-20, had pledged to reduce its 2010 deficit (9.3%) to at least half by 2013, although the Executive's plans always went to meet the 3% agreed with Brussels. With the meager advance harvested in 2011 (according to the latest government estimate, just dropped to 8.9%), the G-20 doubt as to achieve the objectives, especially in a country in recession. The European Commission also believes it and is willing to extend by one year the deadline for budget adjustment.
The evaluation of the G-20, Spain will also need "additional measures" to stabilize or begin to reduce its public debt in 2016, the year the summit agreed in Toronto. For now, the Spanish bank bailout, just asking if much of the 100,000 million euros offered by the EU, can raise that level of 67% which ended 2011 at nearly 90% of GDP.
more informationDOWNLOADABLE final declaration of the G-20 in Mexico (English)DOWNLOADABLE conclusions about Spain (in English)Obama Europe presents an immediate plan for the salvation of the euroRajoy refutes Merkel on aid banksThe G-20 urges Spain to clarify the rescueThe IMF started the firewall 456,000 million for counter-crisis
As had been anticipated, the G-20 given in its statement "welcome the plan to recapitalize Spain's banking system and the decision of the Eurogroup of supporting the authority of Spanish bank restructuring", referring to the FROB, the state fund that will channel European aid to banks. Of course, the beginning of that paragraph, the euro area countries say they will do their best to break the vicious circle of debt and financial debt. A link toxic than the Spanish bank bailout does nothing but strengthen, at least in the eyes of financial markets. And that has led to move to Brussels to study ways to limit this effect when formalizing the request for help.
The statement also highlights the "ambitious labor reforms" adopted by Spain. What is not in the final communiqué is any reference to a commitment to uphold legal certainty for business investment. Spanish government sources took for granted that this reference be included in the statement, which would have been a slap on the wrist to the Argentine Executive for their decision to nationalize YPF, Repsol's subsidiary.
In fact, the report prior to the summit on international trade and investment, cited the "expropriation approved by a member of the G-20", referring to Argentina very clear, as one of the most serious breaches of the joint commitment to avoid falling protectionist practices. But the final communiqué calls only, as was done in previous summits, to maintain a "favorable business climate" for investors.
The G-20, built from the International Monetary Fund estimates, warns that Spain "could breach the target for 2013, due to the weak economy and restructuring the banking system." On this last point, the report of the G-20 agrees with what was said by Brussels: EU loan to the bank through the Spanish state will lead to an increase in the deficit, and not only public debt.
Spain was committed to reduce its 2010 deficit (9.3%) to at least half by 2013
Spain, as a member of the G-20, had pledged to reduce its 2010 deficit (9.3%) to at least half by 2013, although the Executive's plans always went to meet the 3% agreed with Brussels. With the meager advance harvested in 2011 (according to the latest government estimate, just dropped to 8.9%), the G-20 doubt as to achieve the objectives, especially in a country in recession. The European Commission also believes it and is willing to extend by one year the deadline for budget adjustment.
The evaluation of the G-20, Spain will also need "additional measures" to stabilize or begin to reduce its public debt in 2016, the year the summit agreed in Toronto. For now, the Spanish bank bailout, just asking if much of the 100,000 million euros offered by the EU, can raise that level of 67% which ended 2011 at nearly 90% of GDP.
more informationDOWNLOADABLE final declaration of the G-20 in Mexico (English)DOWNLOADABLE conclusions about Spain (in English)Obama Europe presents an immediate plan for the salvation of the euroRajoy refutes Merkel on aid banksThe G-20 urges Spain to clarify the rescueThe IMF started the firewall 456,000 million for counter-crisis
As had been anticipated, the G-20 given in its statement "welcome the plan to recapitalize Spain's banking system and the decision of the Eurogroup of supporting the authority of Spanish bank restructuring", referring to the FROB, the state fund that will channel European aid to banks. Of course, the beginning of that paragraph, the euro area countries say they will do their best to break the vicious circle of debt and financial debt. A link toxic than the Spanish bank bailout does nothing but strengthen, at least in the eyes of financial markets. And that has led to move to Brussels to study ways to limit this effect when formalizing the request for help.
The statement also highlights the "ambitious labor reforms" adopted by Spain. What is not in the final communiqué is any reference to a commitment to uphold legal certainty for business investment. Spanish government sources took for granted that this reference be included in the statement, which would have been a slap on the wrist to the Argentine Executive for their decision to nationalize YPF, Repsol's subsidiary.
In fact, the report prior to the summit on international trade and investment, cited the "expropriation approved by a member of the G-20", referring to Argentina very clear, as one of the most serious breaches of the joint commitment to avoid falling protectionist practices. But the final communiqué calls only, as was done in previous summits, to maintain a "favorable business climate" for investors.
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