fredag 28 september 2012

Autonomous om den spanska budgeten

We note the deficit plan is based on a 2013 GDP assumption of -0.5% (considered very optimistic by many economists). Regardless more austerity and a national reform programme with 43 new laws (to liberalise the energy, services and telecom sectors) will win favour with Germany (which wants Spain "to do its homework") in preparation for a possible bail-out, but there are increasing fears that Spain may slide down a Greek path with more social unrest.

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