欧州委員会の財務首相は、スペインの財政赤字削減目標を延期して、2012年には5'3%から6'3%に、2013年には3%から4'5%に、2014年には2'8%にとスペインの財政赤字削減の目標を遅らせる予定
Guindos da por hecho que la UE dará más plazo para reducir el déficit público
La UE da margen a España y flexibilizará el objetivo de déficit al 6,3% en 2012
Bruselas advierte de que las nuevas metas no excluyen de tomar más medidas ya este año
El Gobierno tendrá tres meses de plazo para anunciar los ajustes presupuestarios
El País / Agencias Madrid / Bruselas9 JUL 2012 - 12:49 CET
Guindos assumes that the EU will give more time to reduce the public deficit
The EU leaves room for more flexible Spain and the deficit target to 6.3% in 2012
Brussels warns that new goals are not excluded from further action and this year
The Government will have three months to announce budget adjustments
The Country / Agencies Madrid / Brussels 9 JUL 2012 - 12:49 CET
The EU leaves room for more flexible Spain and the deficit target to 6.3% in 2012
Brussels warns that new goals are not excluded from further action and this year
The Government will have three months to announce budget adjustments
The Country / Agencies Madrid / Brussels 9 JUL 2012 - 12:49 CET
Finance ministers of the EU will give Spain a year until 2014 to reach its deficit target of 3% of GDP, have advanced on Monday three diplomats of the EU with a view to today's meeting of ministers Economy of the euro and the meeting tomorrow between those responsible for the field of the EU, which will make the decision. "The objectives of fiscal consolidation in Spain will be adjusted to give an extra year", has completed one of the diplomats. As stated in a draft of the summit, this relaxation of deficit targets results in a major boost for Spain. Upon its entry into the meeting, the Spanish minister, Luis de Guindos, has confirmed this new path of fiscal consolidation.
If finally approved the draft in these terms that is, all the Spanish authorities may close this year with a lag of 6.3% of GDP, one percentage point from 5.3% expected, since 8, 9% which closed 2011. By 2013, the new target would be 4.5% instead of 3% included in the Stability Plan while in 2014, would reach the limit imposed by Brussels at 2.8%.
The measure of grace in Brussels, already raised in the review of the Spanish stability program in late May, is however conditional upon a number of recommendations, some of which are already in the disparadero. These include the increase in VAT today confirmed that the finance minister, Cristobal Montoro, as well as increased environmental taxes.
At this point, the European Commission warned that "the Spanish authorities should adopt without delay further steps in 2012 to ensure the implementation of budgetary plans for this year." To this end, Brussels gives three months the Government to take effective action. This period also must submit a report on how it intends to achieve the goals by 2014.
more informationThe Eurogroup will require more funds to banks in exchange for the helpMontoro admits he will raise the VAT and that officials will work more hoursThe Government is ready and the design of hispanobonosSpain increased harassment pending the Eurogroup with the bond above 7%
But there's more. The Government continues the draft, should "be willing to take further measures if they materialize the risks to the budgetary plans and accelerate the deficit reduction in 2013 and 2014 if economic and budgetary conditions turn out better than expected". To ensure this end, quarterly reviews are announced that will parallel the aid to banks and the recapitalization of the financial system. On the credit of up to 100,000 million for troubled institutions, Brussels also warns that the possible need to perform another rescue "poses risks to the budget strategy."
In return for relaxing in the deficit targets, says the draft, Spain must "achieve an improvement in structural balance of 2.7% of GDP in 2012 from 2.5% in 2013 and 1.9% in 2014 , in order to bring the deficit below the reference value of 3% of GDP by 2014. "
The proposal will be discussed first at the meeting of finance ministers from the euro area this afternoon and only if it unanimously approved the proposal to be incorporated into tomorrow's agenda of ECOFIN (Council of Finance Ministers of the EU), which would to approve the proposal by qualified majority.
Under the current program of the EU, Spain has to reduce its budget deficit to 3% of GDP in 2013, which should place it at 5.3% later this year. This cut represents an unprecedented effort equivalent adjustment, as recorded in the books, to 39,300 million euros. For this, the Government included in the 2012 Budget outmoded cuts and tax increases by 27,000 million and a week later, forced communities to take the scissors by 10,000 million in health and education. These cuts, combined with the settings already planned consolidation effort raises its total to 18,000 million.
However, the Commission and the European partners are aware that the recession in Spain will be strong and that more cuts could make it even longer and deeper. In fact, economic decline and is leaving notes in the collection of taxes such as VAT, which is in free fall and is down 10% in the first five months of the year, further complicating the objectives of fiscal consolidation . The result of this drop in income and conditioned by the social security developments and communities, the state has closed May with a gap between your income and expenses of 3.41%, very near the top of 3.5% set for Central Administration for the year. If this 3.5% is added the margin provided so far for communities, local and Social Security was the target to 5.3%.
About the deal that the government will do the new percentage point spread between the different administrations, the minister, Cristobal Montoro, has admitted that discuss this topic if finally comes out later in the meeting of the Council of Fiscal and Financial Policy (CPFF) of Thursday. At this appointment, he added, will also analyze the stability law that requires them to impose limits on non-financial expenditure in their budgets, new to the community. The European Commission requires this section to create an independent institution to monitor the budgetary policy, in addition to strictly apply the medium-term budgetary framework.
In markets where the country is under strong pressure, the deficit or the financial sector problems are not the only cause for concern, as investors fear the threat of further economic contraction and a prolonged crisis would eventually aggravate with time.
On the side of the difficulties, the relaxation of the deficit target has exceeded the fears generated by successive upward revisions of the deficit and rein in the problems for accounts of communities. However, in order to avoid as much a bailout of the entire state, once it has already requested its banks, has been with reluctance. From the forecasts contained in the Budget and Stability Plan, the new deficit target of 6.3% of GDP by 2012 would amount to an adjustment of 28,700 million euros, although here too the poor performance of state revenue alter the final figure.
Draghi: "Spain is fully committed to the reforms"
The President of the European Central Bank (ECB), Mario Draghi, said Monday that the Spanish authorities "have shown they are fully committed to accelerate the structural reform agenda" and fix the situation in the financial sector. "We also are committed to improving external competitiveness and lay the groundwork for a more sustainable prosperity," Draghi held in the European Parliament.
Upon exiting the crisis, the ECB president has insisted it needs "decisive actions of central banks but also other actors such as governments." According to Draghi, is "crucial" that countries persevere in reform, whose depth must depend on the "imbalances" accumulated during the last financial year.
He also had words against countries such as Finland or Holland threaten to derail the recent European Council agreement. "The EU summit is credible only when the actors do not make statements that contradict the conclusions they've adopted," he said.
Draghi, compared to those who demand the intervention of the ECB to ease the situation of countries in distress as does the Spanish Government, has emphasized to MEPs that the central bank, "within the limits of its mandate and without unnecessarily increasing the risk its balance sheet will do whatever it takes "to ensure price stability as its mandate and fixed at the same time, financial stability.
If finally approved the draft in these terms that is, all the Spanish authorities may close this year with a lag of 6.3% of GDP, one percentage point from 5.3% expected, since 8, 9% which closed 2011. By 2013, the new target would be 4.5% instead of 3% included in the Stability Plan while in 2014, would reach the limit imposed by Brussels at 2.8%.
The measure of grace in Brussels, already raised in the review of the Spanish stability program in late May, is however conditional upon a number of recommendations, some of which are already in the disparadero. These include the increase in VAT today confirmed that the finance minister, Cristobal Montoro, as well as increased environmental taxes.
At this point, the European Commission warned that "the Spanish authorities should adopt without delay further steps in 2012 to ensure the implementation of budgetary plans for this year." To this end, Brussels gives three months the Government to take effective action. This period also must submit a report on how it intends to achieve the goals by 2014.
more informationThe Eurogroup will require more funds to banks in exchange for the helpMontoro admits he will raise the VAT and that officials will work more hoursThe Government is ready and the design of hispanobonosSpain increased harassment pending the Eurogroup with the bond above 7%
But there's more. The Government continues the draft, should "be willing to take further measures if they materialize the risks to the budgetary plans and accelerate the deficit reduction in 2013 and 2014 if economic and budgetary conditions turn out better than expected". To ensure this end, quarterly reviews are announced that will parallel the aid to banks and the recapitalization of the financial system. On the credit of up to 100,000 million for troubled institutions, Brussels also warns that the possible need to perform another rescue "poses risks to the budget strategy."
In return for relaxing in the deficit targets, says the draft, Spain must "achieve an improvement in structural balance of 2.7% of GDP in 2012 from 2.5% in 2013 and 1.9% in 2014 , in order to bring the deficit below the reference value of 3% of GDP by 2014. "
The proposal will be discussed first at the meeting of finance ministers from the euro area this afternoon and only if it unanimously approved the proposal to be incorporated into tomorrow's agenda of ECOFIN (Council of Finance Ministers of the EU), which would to approve the proposal by qualified majority.
Under the current program of the EU, Spain has to reduce its budget deficit to 3% of GDP in 2013, which should place it at 5.3% later this year. This cut represents an unprecedented effort equivalent adjustment, as recorded in the books, to 39,300 million euros. For this, the Government included in the 2012 Budget outmoded cuts and tax increases by 27,000 million and a week later, forced communities to take the scissors by 10,000 million in health and education. These cuts, combined with the settings already planned consolidation effort raises its total to 18,000 million.
However, the Commission and the European partners are aware that the recession in Spain will be strong and that more cuts could make it even longer and deeper. In fact, economic decline and is leaving notes in the collection of taxes such as VAT, which is in free fall and is down 10% in the first five months of the year, further complicating the objectives of fiscal consolidation . The result of this drop in income and conditioned by the social security developments and communities, the state has closed May with a gap between your income and expenses of 3.41%, very near the top of 3.5% set for Central Administration for the year. If this 3.5% is added the margin provided so far for communities, local and Social Security was the target to 5.3%.
About the deal that the government will do the new percentage point spread between the different administrations, the minister, Cristobal Montoro, has admitted that discuss this topic if finally comes out later in the meeting of the Council of Fiscal and Financial Policy (CPFF) of Thursday. At this appointment, he added, will also analyze the stability law that requires them to impose limits on non-financial expenditure in their budgets, new to the community. The European Commission requires this section to create an independent institution to monitor the budgetary policy, in addition to strictly apply the medium-term budgetary framework.
In markets where the country is under strong pressure, the deficit or the financial sector problems are not the only cause for concern, as investors fear the threat of further economic contraction and a prolonged crisis would eventually aggravate with time.
On the side of the difficulties, the relaxation of the deficit target has exceeded the fears generated by successive upward revisions of the deficit and rein in the problems for accounts of communities. However, in order to avoid as much a bailout of the entire state, once it has already requested its banks, has been with reluctance. From the forecasts contained in the Budget and Stability Plan, the new deficit target of 6.3% of GDP by 2012 would amount to an adjustment of 28,700 million euros, although here too the poor performance of state revenue alter the final figure.
Draghi: "Spain is fully committed to the reforms"
The President of the European Central Bank (ECB), Mario Draghi, said Monday that the Spanish authorities "have shown they are fully committed to accelerate the structural reform agenda" and fix the situation in the financial sector. "We also are committed to improving external competitiveness and lay the groundwork for a more sustainable prosperity," Draghi held in the European Parliament.
Upon exiting the crisis, the ECB president has insisted it needs "decisive actions of central banks but also other actors such as governments." According to Draghi, is "crucial" that countries persevere in reform, whose depth must depend on the "imbalances" accumulated during the last financial year.
He also had words against countries such as Finland or Holland threaten to derail the recent European Council agreement. "The EU summit is credible only when the actors do not make statements that contradict the conclusions they've adopted," he said.
Draghi, compared to those who demand the intervention of the ECB to ease the situation of countries in distress as does the Spanish Government, has emphasized to MEPs that the central bank, "within the limits of its mandate and without unnecessarily increasing the risk its balance sheet will do whatever it takes "to ensure price stability as its mandate and fixed at the same time, financial stability.
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