Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
In reply to the discussion: STOCK MARKET WATCH -- Wednesday, 25 January 2012 [View all]xchrom
(108,903 posts)62. Recession will see Spain miss deficit goals, says IMF
http://www.elpais.com/articulo/english/Recession/will/see/Spain/miss/deficit/goals/says/IMF/elpepueng/20120124elpeng_8/Ten
The International Monetary Fund on Tuesday predicted Spain would fall way short of its deficit reduction targets, just hours after the government reiterated its determination to meet the goals despite an impending recession.
In the latest update of its World Economic Outlook report, the IMF concurred with the government's estimate for the shortfall in its finances for last year of eight percent of GDP, two percentage points above target. But for this year, it predicted a deficit of 6.8 percent, well above the government's goal of 4.4 percent. For 2013 it sees a slight fall to 6.3 percent, well off the three percent pledged by Spain to Brussels.
Speaking earlier to reporters, after a meeting of European Union finance ministers in Brussels but prior to the release of the IMF report, Spanish Economy Minister Luis de Guindos said: "The government's current deficit objective is 4.4 percent of GDP and there has been no change in that respect."
Finance Minister Cristóbal Montoro last weekend suggested the European Commission could allow Spain to delay meeting the target by a year. Asked if Spain would request an extension of the deficit-reduction deadlines, De Guindos replied: "That is absolutely not on the agenda at this time."
The International Monetary Fund on Tuesday predicted Spain would fall way short of its deficit reduction targets, just hours after the government reiterated its determination to meet the goals despite an impending recession.
In the latest update of its World Economic Outlook report, the IMF concurred with the government's estimate for the shortfall in its finances for last year of eight percent of GDP, two percentage points above target. But for this year, it predicted a deficit of 6.8 percent, well above the government's goal of 4.4 percent. For 2013 it sees a slight fall to 6.3 percent, well off the three percent pledged by Spain to Brussels.
Speaking earlier to reporters, after a meeting of European Union finance ministers in Brussels but prior to the release of the IMF report, Spanish Economy Minister Luis de Guindos said: "The government's current deficit objective is 4.4 percent of GDP and there has been no change in that respect."
Finance Minister Cristóbal Montoro last weekend suggested the European Commission could allow Spain to delay meeting the target by a year. Asked if Spain would request an extension of the deficit-reduction deadlines, De Guindos replied: "That is absolutely not on the agenda at this time."
Edit history
Please sign in to view edit histories.
73 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations