Spain set to miss deficit reduction target

[alp227]

Source: Financial Times

Spain will find it almost impossible to meet its ambitious target for cutting the budget deficit this year to 6 per cent of gross domestic product, according to economists, analysts and government officials.

A combination of sluggish economic growth, overspending by some of the 17 autonomous regional governments and the urge to loosen cost controls ahead of a general election on November 20 has already derailed one of Europe’s most ambitious fiscal consolidation programmes, they say.

There is little agreement, however, on the amount by which Spain’s public sector deficit will overshoot the official target, or on whether the outcome would influence international and domestic investors already expecting bad news.

“The budgetary improvement seems more myth than reality,” wrote Jamie Dannhauser of Lombard Street Research in an analysis published on Tuesday, calling the 6 per cent target “a pipe-dream” without dramatic and unexpected improvements in the budgetary positions of regional and local governments.

Read more: http://www.ft.com/cms/s/0/251ebe4a-f4c3-11e0-a286-00144feab49a.html

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Google the title for the full article. And this story will confirm the right-wing narrative that socialism is bad.

[mojowork_n]

1. How does one say,

"Gub-mint BAD, Bid-ness GOOD," en espanol?

That's all they ever say, no matter what the language.

Is it even wishful thinking to wonder if some free-thinking sub-Vizier
or Viceroy (the Vast Machine's Iberian man-in-charge) has had the authority,
or the temerity, to impart some regional flavor, a little local color,
through which the Orwellian imprint will be more indelibly stamped?

Our sluggish and fragile, flimsy human awareness is
no match for it, on either side of the Atlantic,
whatever the actual words spoken.