Andalucia has apparently met the deficit requirements for 2014, having also done so the previous year.
Things are not getting any better
Spain’s public debt in the first half of the year has already exceeded the government’s target for the full year as the country struggles to make an impact on the public deficit amid prolonged recession.
IMF forecasts predict only Greece will have a worse economic performance than Spain in 2013
The IMF now forecasts that Spain will not be able to bring its public deficit back within the European Union ceiling of three percent of GDP until 2017, three years after the deadline agreed with Brussels.
Massaging the figures
Although it is hard to believe that a politician would do such a thing [sic], the European Commission seems to be of the opinion that the Government of Mariano Rajoy inflated the 2011 deficit figure so that any economic recovery during 2012 would appear more flattering.
Plans for a constitutional borrowing limit
The government and opposition have agreed to pass a constitutional limit on public sector borrowing as parliament discussed further austerity measures designed to cut the deficit to 6% of economic output this year, compared to 9.2% in 2010.
Government to temporarily reduce IVA on new homes
The government has announced plans to try to tackle the severe problems facing its housing market by temporarily halving the sales tax (IVA) on new homes to 4% to try to stimulate the construction sector.
Torrox Council has run out of money
After a review of its current financial situation, Torrox Council has announced that it can neither guarantee the provision of all municipal services nor the full payroll of municipal employees.
EU forecast shows Spanish deficit reduction for 2011 will be off-target
Forecasts released today by the European commission indicate that Spain will not be able to achieve the objective of reducing its public deficit to 6% of GDP by 2011 because the growth rate for next year will be significantly less than the government had predicted, expected or hoped for.
Austerity measures
José Luis Rodríguez Zapatero has announced a package of measures aimed at reducing the public deficit, including a reduction in salaries of public sector staff, the abolition of the ‘baby cheque’ and the freezing of pensions.
Torrox ends 2009 with a deficit
The Urban Development department of Torrox Council ended 2009 with a deficit of €200,000 and the first three months of 2010 are not looking particularly healthy.