Spain's Federal Budget Announces Large Spending Cuts, Lengthy Debate To Begin, Unlikely To End Well

By: Ian Campbell | Fri, Sep 28, 2012
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You likely are being besieged by the announcement yesterday that Spain has announced a budget for next year that proposes:

The budget now goes to parliamentary debate, which is said could last for weeks.

Concurrently:

Recall that:

Spain is a big deal, and I think in the end Spain's budget debates are unlikely to end well, and that will prove to be not a 'good big deal' for the Eurozone and for the world economies.

Topical Reference: Spain's crisis budget aims at spending cuts not tax rises, from Reuters, Andres Gonzalez and Paul Day, September 27, 2012 - reading time 3 minutes.

Also see: French budget and Spanish bank stress tests: live, from The Telegraph, Szu Ping Chan, September 28, 2012 - reading time 3 minutes.

 


 

Ian Campbell

Author: Ian Campbell

Ian R. Campbell, FCA, FCBV
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Through the Economic Straight Talk Newsletter Ian R. Campbell shares his perspective on the world economy, the financial markets, and natural resources. A recognized business valuation authority, he founded Toronto based Campbell Valuation Partners (1976), Stock Research Portal (2007) a source of resource companies market data and analytic tools, and Economic Straight Talk (2012). The CICBV* annually funds business valuation research in his name**. Contact him at icampbell@srddi.com.
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