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Economy
In reply to the discussion: STOCK MARKET WATCH -- Wednesday, 28 March 2012 [View all]xchrom
(108,903 posts)61. Spain We are building a “war economy”
http://www.presseurop.eu/en/content/article/1706381-we-are-building-war-economy
One hundred days after the inauguration of his government with its absolute majority, Mariano Rajoy can point to at least three major economic reforms: in labour, in finances, and in budgetary stability. Looking beyond the opinions that might be expressed on each of them (all point in the same direction: to satisfy the obligations imposed by Brussels and to reassure the markets) the PP government cannot be accused of inaction.
The result so far, however, has not been the intended one. The EU is suspicious, and Spain has overtaken Italy at the forefront of problems associated with risk premium, moving into the red zone of eurozone investor concerns. Moreover, in recent days, the Spanish economy has come in for the severest attacks from the main bibles of the global economic press, from various reports by investment banks and, most ironically, from the Italian prime minister himself, Mario Monti, who said "Spain is giving Europe serious concerns".
Monti has probably pointed the finger at Spain to distract the eyes of the markets from Italys difficulties and the political fragility of his own reforms. Such policies of deflecting harm onto ones neighbour, of every man for himself abounded in the Great Depression.
One hundred days after the inauguration of his government with its absolute majority, Mariano Rajoy can point to at least three major economic reforms: in labour, in finances, and in budgetary stability. Looking beyond the opinions that might be expressed on each of them (all point in the same direction: to satisfy the obligations imposed by Brussels and to reassure the markets) the PP government cannot be accused of inaction.
The result so far, however, has not been the intended one. The EU is suspicious, and Spain has overtaken Italy at the forefront of problems associated with risk premium, moving into the red zone of eurozone investor concerns. Moreover, in recent days, the Spanish economy has come in for the severest attacks from the main bibles of the global economic press, from various reports by investment banks and, most ironically, from the Italian prime minister himself, Mario Monti, who said "Spain is giving Europe serious concerns".
Monti has probably pointed the finger at Spain to distract the eyes of the markets from Italys difficulties and the political fragility of his own reforms. Such policies of deflecting harm onto ones neighbour, of every man for himself abounded in the Great Depression.
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