Vladimír Urbánek (Kurzy.cz)
Markets  |  January 29, 2013 13:37:44

The EU will consider easing the budgetary targets for Spain, the original limits too stifling the local economy

EU leaders suggest the possibility of easing budgetary requirements and goals for Spain. According to an EU budget commissioner Rehn Olle is a positive development for the local economy can think of any change or extension of certain criteria. Excessive pressure on the budget cuts and reforms contributing to the deepening economic recession in the country.

The Spanish central bank recession of the local economy in Q4 of last year due to the requirements of the EU intensified when budget cuts forced further reduce domestic demand and erased from the labor market during the last year another 850,000 jobs. According to the central bank should be but the program cuts and savings still intensify, where it should be to meet the goals initially set by the EU. The Central Bank estimated GDP in Q4 down 0.6% compared to 0.3% in 3Q.First preliminary data from the statistical office will be presented tomorrow for 4Q.

According to the Spanish budget minister Montoro Crictobal his country in 2012 apparently failed to accomplish the objective of decline in the budget deficit to 6.3% of total GDP. The 2013 target is for a 4.5%.
Rehn said that so far can not confirm if the budget deficit in 2012 exceeded 7% of GDP. In his opinion it is necessary to find the Spanish public finances and growth-promoting appropriate mix of cost reduction and revenue.
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