スペインの財政赤字の政府の債務増加問題と失業の増大は頭の痛い問題
España agrava sus desequilibrios macroeconómicos pese a la austeridad
Bruselas reconoce en un informe “graves” problemas con la deuda pública y el desempleo
Cristina Porteiro Bruselas 29 NOV 2012 - 00:00 CET
Macroeconomic imbalances aggravated Spain despite austerity
Brussels acknowledged in a report "serious" problems with public debt and unemployment
Cristina Porteiro Brussels 29 NOV 2012 - 00:00 CET
Spain and other Member States of the European Union (Belgium, Bulgaria, Finland, France, Denmark, Cyprus, Hungary, Italy, Slovenia, Sweden and the UK) are under investigation by Brussels to record numerous macroeconomic imbalances in their territories. Rescued countries (Greece, Ireland, Portugal and Romania) escape from supervision to have an assistance program itself.
Among them, Spain captures the attention of the European Commission, which recognizes in a report released Wednesday that "there are significant imbalances" on a number of indicators. Despite the progressive implementation of the austerity policies imposed from Brussels, Spain is not getting off. From a list of six macroeconomic imbalances detected, the Government has managed to mitigate only two of them, while the other four have worsened over recent data handled by the Commission.
Unemployment has increased and is approaching the dizzying figure of 26%. Public debt has skyrocketed by high interest rates paid by Spain to finance. To this is added the reduction of international market share of exports and one of the problems that most concern in Brussels: the limited ability to generate sufficient income to pay foreign debts.
The European Commission is concerned about the degradation of social protection systems in some EU countries
All these imbalances is added the country's exposure to the "liquidity risks" which could make it more difficult access to credit. Far from reviving the economy and reduce the debt, Spain is paralyzed. Accumulated bills and debts incurred to pay not leave much room for investment, so it was decided to slim budgets.
We glimpse only an improvement in the reduction of private debt and the current account deficit, which rose from -6.5% to -4.3% of GDP. However, this improvement is relative. The cut is due to the stability of exports, and to a greater extent, the fall in domestic demand as a result of the loss of purchasing power and uncertainty of citizens before the economic future. Advances have also been detected in competitiveness, in part motivated by the wage cut and job flexibility.
Concern for social drift
European Commissioner for Employment, László Andor, said Wednesday its concern about the degradation of social protection systems in some of the EU countries. During the presentation of the annual growth, acknowledged the difficulties being experienced by countries like Spain to comply with the policies of fiscal consolidation, but urged their governments to "make efforts to improve social protection" and called "network safety is not adversely affected by the crisis. " To do this, Andor recommends maintaining social investment. "Some countries have carried out reforms in the face of labor flexibility, and applaud, but do not miss the social dialogue," he said at the end of his speech.
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