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Spanish Vote Heralds More Austerity
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Mariana Rajoy of the Partido Popular, Spain's conservative party, leads the opposition Socialist party candidate by a wide margin of over 15% in polls ahead of general elections in Spain on November 20, 2011. Rajoy is planning major changes in the first 100 days and the early period of his administration to bring down Spain's deficit and restore economic growth. Spain faces difficulty borrowing in capital markets after contagion from Greece and Italy, and Spanish bond yields were up to 7% on Nov. 17, 2011. About 150 billion euros in debt will have to be financed by Spain's government in 2012. Spanish banks will have to raise an additional 120 billion euros, and nonfinancial corporations will have to raise 30 billion euros, according to PriceWaterhouseCoopers. Luis de Guindos, head of Financial Center, a banking industry think tank, says the challenge to get markets to open up for Spain is to create expectations that the Spanish economy will return to growth. The outgoing administration of Jose Luis Zapatero, has taken some austerity measures with public sector wage cuts, changing labor laws to make it easier to hire and fire workers, and a pensions overhaul to move the statutory retirement age to 67 from 65.
Spain under the new administration of Mariano Rajoy in 2012-2018
11/16/2011
The Partido Popular under Mariano Rajoy is expected to win a large majority in Spain's general elections in 2012.
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Spain's economy under the Zapatero administration.
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Unemployment, and the efforts to create jobs in other sectors, as well as keeping the gains of the social welfare state.
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The 2010 austerity budget and the European financial crisis affecting Spain.
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The contagion effect affecting Spain after Greece and Portugal similar to the manner in which the Asian financial crisis spread during a prior decade.
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Analysts point to the austerity measures adopted by Italy and Spain much earlier than other countries in the eurozone. The risk now is cutting into muscle as growth for 2011 is expected to be below 1% in both countries. Italy say analysts is actually in surplus when the interest on debt is excluded.
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