Spain’s prime minister: One year on

Posted: December 21, 2012 in economy
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The gift that goes on giving

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Spain’s prime minister


Mariano Rajoy endured a torrid first 12 months—2013 is likely to be grim, too



HE HAD hoped to dig Spain out of its hole without raising taxes, cutting services or hurting pensioners. But 12 months after he became prime minister, Mariano Rajoy has broken all of these pledges. Spain has more unemployed, more debt and a deeper recession. “For many it has been a year of pain and suffering,” he has admitted.
Yet it could have been even worse. Spain’s public finances have not collapsed. Nor has the euro. Both seemed possible when Mr Rajoy took power. And during 2012 the budget deficit has shrunk by almost 2% of GDP, says José Ignacio Conde-Ruiz of Madrid’s Complutense university. “That is pretty good in a recession”—even if it is not as big a change as Spain’s euro-zone partners wanted.
Mr Rajoy took over an economy entering recession, with 23% out of work, a budget deficit …

via Economic Crisis


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