Arab Today, arab today spanish regions reveal financial woes
Last Updated : GMT 21:20:49
Arab Today, arab today
Arab Today, arab today

Spanish regions reveal financial woes

Arab Today, arab today

Arab Today, arab today Spanish regions reveal financial woes

Madrid - AFP

Serious financial woes in Spain's regions are coming to light daily and providing their new conservative leaders with a powerful weapon ahead of November 20 general elections. After a crushing victory in May local elections, the right-wing opposition Popular Party swept aside Socialists in regional governments across the country. Now in control of 13 of the 17 regional governments and riding high in the polls, the Popular Party has been calling attention to the huge deficits left by their Socialist predecessors. On Wednesday, the central Spanish region of Castile-La Mancha, home of the fictional hero Don Quixote, announced "exceptional" spending cuts to reduce a deficit equal to 4.9 percent of its gross domestic product at June 30. The same day, Extremadura in the east, said its public deficit would hit 6.81 percent of GDP by the end of the year. Catalonia, the northeastern dynamo with Barcelona as its capital, has outlined a deficit of 2.66 percent in its 2011 budget. All of these figures far overshoot the Socialist central government's deficit target for all the regions of 1.3 percent of national GDP. Analysts say the slippages complicate the central government's efforts to reduce the overall deficit from 9.24 percent of GDP last year to 3.0 percent -- the European Union-agreed ceiling -- by 2013. Moody's Investors Service cited the regions' deficits when it threatened in July to downgrade Spain's sovereign credit rating. It downgraded the rating of six regions -- Catalonia, Castile-La Mancha, Murcia, Valencia, Andalusia and Castile and Leon -- at the same time, noting "the deterioration in their fiscal and debt positions." In the first quarter of this year, only half of the 17 regions presented budget deficits that met the target set by Madrid, according to the finance ministry, which will soon publish the half-year figures. Since the May local elections, however, the problem has taken on a political hue -- the debt left by former Socialist administrations has become a club to wield ahead of the general election. The president of Castile-La Mancha, Maria Dolores de Cospedal, who is also secretary general of the Popular Party, bemoaned in a news conference Wednesday the "economic ruin inherited from the previous government." In Extremadura, economic chief Antonio Fernandez of the Popular Party criticised the "short-sightedness" of the former team, which "focused on the present and forgot about what could happen and the future of the inhabitants." With a debt of 31.9 billion euros ($46 billion) at the end of 2010, Catalonia is now run by the nationalists. Disregarding the central government's plan to enshrine a balanced budget rule in the national constitution, Catalonia has announced plans to approve its own "golden rule" in the regional constitution. Spendthrift regions, which splashed out in the years of a profitable property boom, have become an easy target for both right and left. The Socialist president of the lower house of parliament, Jose Bono, Monday termed the duplication of public spending in the regions as "absurd." Some of the cuts announced in Castile-La Mancha give an idea of level of spending -- the region has 2,500 official vehicles, many of which are now to be sold off, and its own representative office in Brussels, which will be closed. Another 19 regional government companies and foundations will be eliminated. The overall accumulated debt in the regions -- 121 billion euros -- is also a concern. Deepest in debt are Valencia, with a debt equal to 17.4 percent of GDP, and Catalonia at 17.2 percent. As of June 30, Castile-La Mancha's debt amounted to 7.5 billion euros and it had 2.6 billion euros in unpaid bills. In its coffers, the region disposed of just 36 million euros in cash.

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*

Arab Today, arab today spanish regions reveal financial woes Arab Today, arab today spanish regions reveal financial woes

 



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*

Arab Today, arab today spanish regions reveal financial woes Arab Today, arab today spanish regions reveal financial woes

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Trump: End of Daesh is in sight

GMT 20:29 2017 Monday ,23 October

Trump: End of Daesh is in sight
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Lost Australia diver swam miles

GMT 19:09 2017 Monday ,23 October

Lost Australia diver swam miles
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 Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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