Spain Unveils Austerity Budget

By: Thursday September 27, 2012 10:59 am

Spain released its austerity budget today, and it focuses on cuts to social spending much more than any tax increases. Government ministries saw their budgets slashed by 8.9 percent for next year, as Prime Minister Mariano Rajoy’s battle to reduce one of the euro zone’s biggest deficits was made harder by weak tax revenues in [...]

Spain Holding Off Asking for Bailout, as European Leaders, Bondholders Ratchet Up Pressure

By: Tuesday September 18, 2012 10:27 am

My hopes that the European Central Bank’s composition of a contingency plan in the event of high yields in places like Spain would be enough to keep those yields low doesn’t appear to be working out. The Spanish 2-year bonds have started to rise, from under 3% to around 3.5% in just a few days. [...]

Update on Europe: ECB Only Trying to Fix One of Several Crises

By: Tuesday September 11, 2012 7:39 am

Mario Draghi has boosted global stock markets and sent many commentators cheering for his elimination of tail risk from Europe. However, he also subverted the democracies of multiple countries in Europe, according to those wild-eyed liberals at CNBC. With its OMTs the ECB is setting politicial pre-conditions (the often-used buzz word “conditionality”) for executing monetary [...]

Spain Resists Request for Aid from Europe, For Now

By: Thursday September 6, 2012 1:12 pm

So how did the principals react to the European Central Bank’s conditional bond purchase scheme? Well, the German press went nuts but that’s to be expected. More interesting was the reaction of Spanish Prime Minister Mariano Rajoy. As you may now if you’ve been following my stories on this subject, the idea behind the ECB [...]

Rajoy Announces New Spanish Austerity Measures

By: Wednesday July 11, 2012 7:35 am

Yesterday, the Eurozone leadership granted Spain some allowances on its austerity program, with the budget targets eased for this year and next. But getting to those targets would still require further austerity measures, and Spanish PM Mariano Rajoy announced them today. Recession-plagued Spain unveiled new austerity measures on Wednesday designed to slash 65 billion euros [...]

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