How the world sees Greece
Lib Dems live out a Greek tragedy The Guardian Polly Toynbee's mocking comment (27 September) that Clegg reprised his "scare-mongering Greek comparisons" speech at conference, seems to have backfired on her quite spectacularly. Can I suggest Ms Toynbee stays in more andwatches the news ... |
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 The Associated Press | Greece, Spain Seek More Austerity Voice of America After weeks of negotiation, Greece's three-party coalition government said Thursday it has reached agreement on a $15-billion plan for more pension and salary cuts, and raising the retirement age for workers from 65 to 67. Greece's international ... Spain, Greece launch austerity plans to secure aid Spain and Greece launch austerity plans to convince investors and authorities |
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 Channel 4 News | Spain Unveils Sweeping Budget Cuts New York Times MADRID — The Spanish government on Thursday presented a draft budget for 2013 with a package of tax increases and spending cuts that, while unpopular with the public, it said would guarantee the country could meet deficit-cutting targets agreed to with ... Spain heads towards confrontation with Catalan parliament Euro Rebounds in Choppy Trade Global stocks and euro climb on Spain's budget |
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Spain's deputy prime minister says government will resist any attempt at unilateral referendum on independence
As Spain's government announced fresh austerity for next year on Thursday, the country was launched headlong into confrontation between central government and a Catalan parliament that pledged to hold a referendum on moves towards independence.
Spain's deputy prime minister, Soraya Saenz de Santamaría, warned that the government would stop any attempt at a unilateral referendum, effectively challenging the Catalans to either desist or break the law and face the consequences.
"There are legal instruments to stop this," she said, pointing out that the government could simply apply to the constitutional court to ban it before it was held. "And there is a government that is prepared to use them."
That clashed directly with the Catalan parliamentary motion, which called on the regional government that emerges from 25 November elections to hold a referendum – with, or without, central government permission.
Saenz de Santamaría said the only way a referendum could be held would be if it was called by central government and allowed people across the whole of Spain, not just Catalonia, to vote.
The heightened tension between Madrid and Barcelona came as ministers presented the broad figures of the 2013 budget, while Spain battles to hit deficit targets and please eurozone countries who are rescuing its banks and may soon have to bail out Spain itself.
"This is a budget in times of crisis but one to help get out of the crisis," said Saenz de Santamaría.
The budget figures were presented without revealing exactly where the axe would fall, but with the task of reducing the budget deficit by €13bn made harsher by a combination of recession and soaring debt payments.
Those payments increased by almost €10bn, with a further €7bn needed to prop up a creaking social security system. With the total adjustment looking set to hit €40bn euros, cuts in other places will be deep. Proper details were to be given on Saturday when the budget is taken to parliament.
Budget minister Cristobal Montoro insisted Spain was on target to meet its 6.3% GDP deficit target this year, with tax income due to hit targets despite the worsening recession.
Ministers gave no clues as to how close Spain was to asking for a full bailout, with finance minister Luis de Guindos saying that it was studying the terms closely and would decide when it was ready.
As Spain's borrowing costs began to rise again this week there was growing pressure on prime minister Mariano Rajoy to make the bailout request, which would allow the European Central Bank to step in and buy bonds to keep down the interest rates that Spain must pay.
While northern eurozone countries continue to insist on more austerity for Spain, analysts warned that this would further damage an economy that will shrink between 2% and 3% over two years.
"Given the severity of the recession and the scant prospect of meaningful growth, Spain needs more austerity like it needs a hole in the head," warned Nicholas Spiro of Spiro Sovereign Strategy. "The markets are also in two minds about fiscal retrenchment in Spain. Previous rounds of belt-tightening have not led to an improvement in Spain's perceived creditworthiness."
"Efforts to deflate Spain into competitiveness raise the prospect of many years of wage cuts and property price falls that will necessitate ever larger fiscal transfers from the stronger countries," added Trevor Greetham of Fidelity Worldwide Investment.
On Friday the government will reveal the full size of a hole in the Spanish banking sector caused by toxic real estate assets left over from a burst housing bubble.
Some 56% of the Spanish banking sector will get a thumbs up from the consultants called in to calculate the size of the hole, according to El País newspaper.
Santander, BBVA, Caixabank, Sabadell and several other medium-sized and small banks pass the test, it reported. Most others, led by bailed out Bankia, will have to ask for money from the €100bn credit line that the eurozone has offered via Spain's bank bailout fund.
Meanwhile, Greece's fragile coalition yesterday agreed on the main points of a controversial €11.9bn (£9.5bn) austerity package that the debt-stricken country's creditors have set as a condition for further rescue funds. Conservative prime minister Antonis Samaras clinched the consensus of his two left-wing coalition partners, who had both balked at imposing further belt-tightening. But the package, which must be put to international lenders for approval next week and then be voted through Athens' 300-seat parliament, comes with conditions.
Helena Smith Athens
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Greece's coalition leaders reach agreement on austerity Bellingham Herald ATHENS, Greece — Political parties supporting the Greek coalition government on Thursday reached a "basic agreement" on a new round of harsh austerity measures demanded by its foreign lenders in exchange for emergency loans, following weeks of ... |
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 The Guardian | Greek Coalition Reaches Deal on Cuts Wall Street Journal By ALKMAN GRANITSAS And STELIOS BOURAS. ATHENS—Greece's coalition partners reached a deal on a multibillion-euro austerity plan demanded by international creditors in return for aid to the cash-strapped country. Talks on the €13.5 billion ($17.4 ... Greek leaders push forward on contentious cuts Greek FinMin: coalition heads reach 'basic agreement' on austerity package |
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Greece to seek fresh austerity deal Financial Times The leaders of Greece's fractious coalition government agreed on Thursday on the “basic outlines” of a new €13.5bn package of spending cuts and tax increases, opening the way for negotiations to resume next week with the “troika” of EU and ... |
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 Telegraph.co.uk | Spain's new budget aims at spending cuts not tax rises Reuters MADRID (Reuters) - Spain announced a detailed timetable for economic reforms and a tough 2013 budget based mostly on spending cuts on Thursday in what many see as an effort to pre-empt the likely conditions of an international bailout. European Stocks Rebound As Spain sinks, many in Catalonia want out US stocks move higher on hopes for Spain |
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 Economic Times | Spain Presents Budget Plan, To Tap Pension Reserve Fund Wall Street Journal MADRID--The Spanish government Thursday presented a new package of economic reforms and a stripped-down budget plan for next year amid mounting social and political tension and renewed worries about Spain in financial markets. Instant View: Spain announces 2013 budget focused on spending cuts Spanish Bonds Advance After Budget Approval; Italian Debt Gains Markets await Spanish budget - eurozone crisis live |
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WAS it the pig’s head masks that did for her? Or the togas and laurel wreaths? On September 24th Renata Polverini, the governor of Lazio, the region around Rome, resigned because of a scandal which, by Italian standards, was almost routine. It had emerged that the former regional parliamentary leader of her party, the conservative People of Freedom (PdL) movement, founded by Silvio Berlusconi, Franco Fiorito, was under investigation, suspected of draining more than €1m ($1.3m) from PdL coffers. That is more than an internal matter, since most funding for political groups in Italy comes from the taxpayer.What made this scandal special was the grotesque detail. The pig’s head masks were worn by some of the guests at a party with an ancient Greek theme held in Rome for some 2,000 people by Carlo de Romanis, a young Lazio parliamentarian for the PdL. No connection has yet been established between the embezzlement and the revels, which Mr de Romanis says he funded out of his own pocket. But when photographs appeared of the guests quaffing from amphorae and feeding each other grapes they seemed to bear out the electorate’s worst imaginings of an excessively decadent political caste. Mr Fiorito, who boasts a girth and overbearing confidence that would have done credit to one of Rome’s more self-indulgent emperors, claims others behaved far worse. Allegations have been made that...
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 The Hindu | Spain launches most austere budget, reforms as markets await possible bailout ... Washington Post MADRID — The Spanish government has announced the country's most severe round of budget cuts yet with a new batch of measures and reforms aimed at convincing international authorities and investors that it is on track to meet its deficit reduction ... Markets steady as focus remains on Spain, Greece Euro Weakens to Two-Week Low Versus Dollar After Spain's Budget Euro Drifts Down; Spain Still in Focus |
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Greece's Coalition Leaders Agree on Bulk of Budget Package Businessweek Greek Prime Minister Antonis Samaras clinched agreement with the leaders of the political parties backing his coalition government on the bulk of a two- year 13.5 billion-euro ($17.4 billion) budget package that's key to receiving international aid ... |
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Telegraph.co.uk | Greece, Spain Looking for More Austerity Voice of America (blog) After weeks of negotiation, Greece's three-party coalition government said Thursday it has reached agreement on a $15 billion plan for more pension and salary cuts and raising the retirement age for workers from 65 to 67. Greece's international lenders ... Markets recover from previous day's turmoil, but focus remains centered on ... |
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 Christian Science Monitor | Spain OKs more austerity measures, Greece has new deal, too USA TODAY MADRID (AP) -- The Spanish government and a ruling coalition in Greece met Thursday to move quickly on approval of new austerity measures amid mounting pressures to be more aggressive in addressing a crippling debt crisis in both nations. The two ... World markets recover as Spain, Greece brace for austerity Anti-austerity riot in Greece ends period of relative calm |
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