spanish lower house approves budget cap
Last Updated : GMT 01:03:47
Arab Today, arab today
Arab Today, arab today

Spanish lower house approves budget cap

Arab Today, arab today

Arab Today, arab today Spanish lower house approves budget cap

Madrid - AFP

Spain\'s lower house lawmakers voted overwhelmingly on Friday to put a budget deficit cap in the constitution after a stormy debate, cheering markets but infuriating many at home. Lawmakers voted by 316 to five in favour of the constitutional reform, easily reaching the three-fifths support required. About 10 lawmakers from smaller parties walked out in protest before the vote, which approved only the second change to the 1978 constitution since it was drawn up three years after General Francisco Franco\'s death. To become law the reform must still be cleared by the Senate, which is expected to consider it next week. The reform push is a sign of Spain\'s determination to prove to markets it will repay holders of its bonds and to shed its reputation as one of the usual suspects in the eurozone sovereign debt crisis. Under the constitutional change, Spain must stick to a long-term deficit cap except in times of natural disaster, recession, or extraordinary emergencies and even then only with approval of the lower house. An accompanying law to be enacted by June 30 next year would set the actual figure for the structural deficit -- 0.4 percent of annual gross domestic product from 2020. The governing Socialist party and conserative opposition Popular Party put aside their rivalry to draw up the proposed reform last week even as they battled in the run-up to November 20 elections. Even as investors and major European powers welcome the planned reform, many in Spain are furious at the change and demand the right to a referendum before it goes ahead. Unions, some civil groups and many smaller parties say it is a hasty change to please markets that ties the hands of the government and squashes the rights of the powerful regions. \"Who do you think you are?\" Rosa Diez, founder of the small Union, Democracy and Progress Party, angrily asked lawmakers of the big ruling and opposition parties. The Socialist and Popular Party groups had \"expropriated the constitution,\" she charged.\" Several thousand demonstrators from Spain\'s \"indignant\" social protest movement took to the streets of Madrid on the eve of the vote and scores rallied nearby the parliament as lawmakers arrived. Spain\'s biggest unions have called for a major protest in Madrid September 6. The lower house rejected 18 proposed amendents to the reform before the overall vote. If the law is approved by the Senate next week, as expected, there will be a 15-day waiting period during which lawmakers can force a referendum if they can muster 10 percent support from either house of parliament. Germany and France had called August 16 on all 17 eurozone countries to adopt a \"golden rule\" on keeping the books balanced. Spain, which already has a similar law on the books but not in the constitution, was the first nation to respond. German Chancellor Angela Merkel congratulated Spanish Prime Minister Jose Luis Rodriguez Zapatero on the swift action when they met in a Paris summit to discuss Libya on Thursday. Investors fear Spain\'s big budget deficits and feeble economy -- with a jobless rate of more than 20 percent and annual economic growth of 0.7 percent in the second quarter -- will make it harder to pay off its debts. Latest figures Friday showed Spain\'s unemployment queue lengthened by 1.25 percent to 4.13 million people in August, snapping a four-month streak of job gains, as summer openings dried up. Spain is seeking to slash the public deficit to 6.0 percent of gross domestic product by the end of 2011 from 9.2 percent in 2010. It aims to reach the EU-agreed ceiling of 3.0 percent by 2013.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

spanish lower house approves budget cap spanish lower house approves budget cap

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

spanish lower house approves budget cap spanish lower house approves budget cap

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Banyan Tree Phuket Takes Festive Season

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Top Democrat faces investigation

GMT 09:50 2017 Friday ,17 November

Top Democrat faces investigation
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Angola oil boss sacked by father's protege

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Urban, young and active?

GMT 11:01 2017 Thursday ,16 November

Urban, young and active?
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today Unloved vultures fight for their survival

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 09:23 2017 Wednesday ,15 November

Years melt away as Bening & Bell play unlikely lovers

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 13:40 2017 Monday ,13 November

Pollution spikes in Delhi amid warnings

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 10:55 2017 Thursday ,16 November

UN warns fuel running out

GMT 01:04 2017 Wednesday ,15 November

In Morocco, a blue tourist town

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday