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国際通貨基金(IMF)は、スペインに付加価値税の増加、公務員の給料の削減、住宅税額控除の廃止などを要求
El FMI pide a Rajoy que suba ya el IVA y baje los sueldos a los funcionarios
El organismo presidido por Christine Lagarde desaconseja más amnistías fiscales
Advierte de que el déficit público superará "significativamente" los objetivos marcados
Recomienda quitar la deducción a la vivienda y eliminar beneficios fiscales a las empresas
Sandro Pozzi Nueva York15 JUN 2012 - 17:31 CET
Rajoy asks IMF to rise as VAT and lower salaries to civil
The body chaired by Christine Lagarde discouraged more tax breaks
Warns that the government deficit over "significantly" the objectives
Recommends removing the deduction for housing and eliminate tax breaks for companies
See the SPECIAL about the euro crisis and the bailout of Spain
Sandro Pozzi New York 15 JUN 2012 - 17:31 CET
The body chaired by Christine Lagarde discouraged more tax breaks
Warns that the government deficit over "significantly" the objectives
Recommends removing the deduction for housing and eliminate tax breaks for companies
See the SPECIAL about the euro crisis and the bailout of Spain
Sandro Pozzi New York 15 JUN 2012 - 17:31 CET
The International Monetary Fund asked the Spanish government to raise VAT and instead of waiting for 2013 and approve as soon as possible a further decrease in the salary of civil servants to reduce the deficit. Otherwise, he warns, Spain exceed "significant objectives" set out in its stability plan and that the Executive is committed to fulfill. According to the agency directed by Christine Lagarde, is better to act on the side of the revenue in the fiscal consolidation unprecedented facing the country.
With markets awaiting any details related to Spain, and on the eve of another crucial weekend for the euro, the IMF published its analysis of the Spanish economic situation. And insists on the obvious: "the outlook is very difficult." "The economy is in the midst of an unprecedented recession relapse, with unemployment to unacceptable levels and public debt rapidly growing segments of the financial sector needs recapitalization."
The IMF started its conclusions dismissing as "relevant" measures taken in recent months by Spain. But that has restored market confidence, which is "weak." Therefore, to address the challenges facing calls for a response "ambitious" to look to both fiscal consolidation and restructuring the financial sector without forgetting that you have to boost growth through structural reforms.
The economy is in the midst of an unprecedented recession relapse "
According to the IMF, the deficit reduction target marked as "very ambitious", moving from 8.9% in 2011 to 5.3% at year end, for now, back to lower it to 3% in 2013 - and therefore believes it will be difficult to achieve, mainly because revenue will be weaker than expected and can not trust the fit only spending cuts that are slow to take effect. So, experts insist that the agency should take more measures of the revenue side and warns that "no option should be ruled out." As last year claimed the government of José Luis Rodríguez Zapatero, calls for both the VAT rise as excise duty. But it introduces a novelty to incorporate a sense of urgency: "These measures should be taken now."
Furthermore, unlike the situation in 2011, the country is now under a rescue of their partners, even down to the bench, put Spain under strict surveillance by the troika (the EU, the ECB and the IMF itself, which while not giving financial help oversee the process). Along with this, the Government will be more pressure to adopt the recommendations that come from international authorities with the most "minimal deviation" of the deficit targets, as indicated by the Eurogroup in announcing the aid.
Following the taxes, the IMF calls "desirable" a reduction in Social Security contributions, but only when targets are achieved in reducing the deficit. Specifically, when the budget gap is below 3%. Within this package, seeks the removal of the housing tax credit that the government reintroduced after coming to power in December and considered "fundamental" no more tax breaks or transient increases in rates and that measures should provide "permanent income" . In parallel, notes that "spending should be protected the most vulnerable."
As for spending, fund officials believe that the cuts are expected "in the right areas." But it is not able to assess its results and points that will be difficult to implement. To achieve such savings, re-emphasizes the need for approval "now" a cut in government salaries, though she says that could be canceled if it really meets the goal of deficit reduction. There is also talk of giving "greater emphasis on privatization."
Despite the announcement of EU financial support, market conditions remain weak "
IMF Report
The conclusions of the IMF team in recent days was visiting Spain as part of Article IV consultations is published one week after the agency's executive board approve the monitoring report of the Spanish financial system. It was identified a need for banking capital of 37,000 million euros, just to cover future losses in an adverse economic scenario.
Amount could double if the equation takes into account the needs of restructuring distressed entities. "The banks are unable to obtain private financing is not guaranteed," say the IMF experts now in their analysis. And also point out that "despite the announcement of EU financial support, market conditions remain weak." The hope is that the EU financial support to help alleviate them short-term risks.
But immediately afterwards indicate that tensions could intensify "if economic policies fail to curb capital outflows or because of increased tensions in other areas of the Eurozone." Since the agency in Washington again emphasizes the importance of the structural reform agenda is still running in parallel the process of clearing banks.
more informationDOWNLOADABLE See the full report of the IMFDraghi warns of a "serious risk" to Europe for the elections in GreeceThe rescue stigmatized SpainThe IMF anticipates the report which brought about the bank bailout in Spain
In this sense, managers of the IMF mission considered that "the future financial support from the Eurozone is an important opportunity" to advance the strategy of three points mentioned above. "More progress at European level will help the prospects of the Spanish economy", reiterate, in line with what was said last week by the IMF Managing Director, Christine Lagarde. Spain is one of the points discussed at the G20.
Next to financial risk, the other concern is twofold, derived from a faster than expected deleveraging in the private sector and the effect of fiscal consolidation. The negative adjustment, experts say, "probably result in output contractions this year and next", although it is expected that net exports continue to contribute strongly to growth.
In conclusion, the IMF calls again that Spain urgently focus their policies to improve productivity and competitiveness of its economy. "These reforms are inherently complex and difficult, but critical if growth is to be highly inclusive and employment creation", riveted body experts. The aim, believe, should be placed the country among the "Top 10" lists global indices of competitiveness and business climate. Labor reform is a positive step in this direction, "as it has the potential to substantially improve the functioning of the labor market."
The IMF also published the sixth monitoring report of Ireland under the assistance program, necessary to release the next tranche of 1,400 million. Considers that Dublin is committed to reform, despite the challenges and tensions in the euro area. "All the quantitative targets of the review are met", concluded the experts. Growth remains weak and unemployment high.
With markets awaiting any details related to Spain, and on the eve of another crucial weekend for the euro, the IMF published its analysis of the Spanish economic situation. And insists on the obvious: "the outlook is very difficult." "The economy is in the midst of an unprecedented recession relapse, with unemployment to unacceptable levels and public debt rapidly growing segments of the financial sector needs recapitalization."
The IMF started its conclusions dismissing as "relevant" measures taken in recent months by Spain. But that has restored market confidence, which is "weak." Therefore, to address the challenges facing calls for a response "ambitious" to look to both fiscal consolidation and restructuring the financial sector without forgetting that you have to boost growth through structural reforms.
The economy is in the midst of an unprecedented recession relapse "
According to the IMF, the deficit reduction target marked as "very ambitious", moving from 8.9% in 2011 to 5.3% at year end, for now, back to lower it to 3% in 2013 - and therefore believes it will be difficult to achieve, mainly because revenue will be weaker than expected and can not trust the fit only spending cuts that are slow to take effect. So, experts insist that the agency should take more measures of the revenue side and warns that "no option should be ruled out." As last year claimed the government of José Luis Rodríguez Zapatero, calls for both the VAT rise as excise duty. But it introduces a novelty to incorporate a sense of urgency: "These measures should be taken now."
Furthermore, unlike the situation in 2011, the country is now under a rescue of their partners, even down to the bench, put Spain under strict surveillance by the troika (the EU, the ECB and the IMF itself, which while not giving financial help oversee the process). Along with this, the Government will be more pressure to adopt the recommendations that come from international authorities with the most "minimal deviation" of the deficit targets, as indicated by the Eurogroup in announcing the aid.
Following the taxes, the IMF calls "desirable" a reduction in Social Security contributions, but only when targets are achieved in reducing the deficit. Specifically, when the budget gap is below 3%. Within this package, seeks the removal of the housing tax credit that the government reintroduced after coming to power in December and considered "fundamental" no more tax breaks or transient increases in rates and that measures should provide "permanent income" . In parallel, notes that "spending should be protected the most vulnerable."
As for spending, fund officials believe that the cuts are expected "in the right areas." But it is not able to assess its results and points that will be difficult to implement. To achieve such savings, re-emphasizes the need for approval "now" a cut in government salaries, though she says that could be canceled if it really meets the goal of deficit reduction. There is also talk of giving "greater emphasis on privatization."
Despite the announcement of EU financial support, market conditions remain weak "
IMF Report
The conclusions of the IMF team in recent days was visiting Spain as part of Article IV consultations is published one week after the agency's executive board approve the monitoring report of the Spanish financial system. It was identified a need for banking capital of 37,000 million euros, just to cover future losses in an adverse economic scenario.
Amount could double if the equation takes into account the needs of restructuring distressed entities. "The banks are unable to obtain private financing is not guaranteed," say the IMF experts now in their analysis. And also point out that "despite the announcement of EU financial support, market conditions remain weak." The hope is that the EU financial support to help alleviate them short-term risks.
But immediately afterwards indicate that tensions could intensify "if economic policies fail to curb capital outflows or because of increased tensions in other areas of the Eurozone." Since the agency in Washington again emphasizes the importance of the structural reform agenda is still running in parallel the process of clearing banks.
more informationDOWNLOADABLE See the full report of the IMFDraghi warns of a "serious risk" to Europe for the elections in GreeceThe rescue stigmatized SpainThe IMF anticipates the report which brought about the bank bailout in Spain
In this sense, managers of the IMF mission considered that "the future financial support from the Eurozone is an important opportunity" to advance the strategy of three points mentioned above. "More progress at European level will help the prospects of the Spanish economy", reiterate, in line with what was said last week by the IMF Managing Director, Christine Lagarde. Spain is one of the points discussed at the G20.
Next to financial risk, the other concern is twofold, derived from a faster than expected deleveraging in the private sector and the effect of fiscal consolidation. The negative adjustment, experts say, "probably result in output contractions this year and next", although it is expected that net exports continue to contribute strongly to growth.
In conclusion, the IMF calls again that Spain urgently focus their policies to improve productivity and competitiveness of its economy. "These reforms are inherently complex and difficult, but critical if growth is to be highly inclusive and employment creation", riveted body experts. The aim, believe, should be placed the country among the "Top 10" lists global indices of competitiveness and business climate. Labor reform is a positive step in this direction, "as it has the potential to substantially improve the functioning of the labor market."
The IMF also published the sixth monitoring report of Ireland under the assistance program, necessary to release the next tranche of 1,400 million. Considers that Dublin is committed to reform, despite the challenges and tensions in the euro area. "All the quantitative targets of the review are met", concluded the experts. Growth remains weak and unemployment high.
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