January 2012

Spain’s Deficit Targets For 2012

Edward Hugh's picture

Now You See Me, Now You Don’t

Things in Spain are never exactly what they seem to be. This is a painful lesson that even Angela Merkel must have learnt in recent days, especially since she put her credibility so much on the line in backing the country’s deficit reduction efforts. “Spain has really done its homework and I think it is on the right track,” is the message she has been trying to sell to the world. Finding out that the Spanish deficit was not the 6% of GDP she had been promised, but a minimum of 8.2% in 2011 cannot have been a pleasant experience for her.

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The dividend of cooperation

Fèlix Riera's picture

Being in a deep economic crisis, which has already gripped us for three years, means that we must reflect on how to fight its effects, but first we have to take note of the following: there is no margin left to reduce costs further in order to compensate the 15% drop in cultural consumption; the price of cultural services has decreased by 1.3% and turnover has dropped by 7.2%; and, funding lines are becoming increasingly more elusive for companies, both private and public corporations.

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