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Why government fiscal discipline alone will not establish a sound financial framework for the Euro currency- the example of Spain
03/03/2010
Spain kept its deficits below the 3% mandated under EU treaties, till recently. Asset bubbles sustained because of bad lending by a country's banks and easy acess to credit from outside the country, are two problems not addressed by tighter budget controls in the revised rules being set after the Dec. 9 EU Summit. Spain's debt problem is to recapitalize these failing banks and debt of regional governments. Spain relied too much on a construction boom for growth, with productivity stalled. Ireland improved competitiveness and attracted foreign investment. This too unraveled in the face of an asset bubble from speculative lending by its banks.
Grouped Articles
New York Times 09.25.2011
Wall Street Journal 03.03.2010
German Optimism Depends On Spanish Deficits
Wall Street Journal 09.25.2013
Euro Zone Deficit Hits Target for First Time Since 2008
New York Times 04.23.2014
Spain's Example Shows Limits of EU Targets
Wall Street Journal 12.09.2011
The Euro Zone's Double Failure
Wall Street Journal 12.15.2011
Spain's Rajoy Takes Aim at Deficit
Wall Street Journal 12.20.2011
Euro-Zone Banks Tap Big ECB Loans
Wall Street Journal 12.21.2011
Staring Into the ECB's Mini Bazooka
Wall Street Journal 12.21.2011
A Central Bank Doing What Central Banks Do
New York Times 12.21.2011
The Real Threat Facing Spanish Lenders
BusinessWeek 11.23.2011
Gap in Competitiveness Weighs on Europe, Analysts Say
New York Times 01.15.2012
Spain's Budget Cuts Trigger Downturn
Wall Street Journal 01.31.2012
European Leaders Agree to New Budget Discipline Measures
New York Times 01.30.2012
Spain Spells Out Latest Plan to Bolster Health of Lenders
Wall Street Journal 02.03.2012
Spain Plans to Burn Its Bridges to Keep Vacationers on the Job
Wall Street Journal 02.08.2012
Spain Approves Changes to Labor Policy
New York Times 02.10.2012
Germany's Inflated Fear of Inflation
Wall Street Journal 02.14.2012
Austerity Debate a Matter of Degree
Wall Street Journal 02.17.2012
The Rest of Europe vs. Germany
New York Times 02.16.2012
Ireland becomes a test for E.U. crisis remedy - The Washington Post
Washington Post 03.01.2012
Spainâs Deficit Tests Europeâs Financial Rules
New York Times 02.29.2012
Spain Struggles to Unite Regional Leaders on Cuts
New York Times 03.06.2012
Wall Street Journal 03.14.2012
Europe Needs the Bond Vigilantes
Wall Street Journal 04.05.2012
Wall Street Journal 04.26.2012
Spain, Pursuing Austerity, Still Waits for the Payoff
New York Times 04.27.2012
Wall Street Journal 04.28.2012
Austerity Adds to Spain's Jobless Woes
Wall Street Journal 04.29.2012
Amar Bhidé: In Praise of the Beleaguered Euro
Wall Street Journal 05.07.2012
Europe Can Spend Its Way to Growth
Wall Street Journal 05.20.2012
Balanced Budget for Spain's Regions
Wall Street Journal 06.02.2012
Spain Delays Plan to Ease Financing for Ailing Regions
Wall Street Journal 06.29.2012
Spanish Woes Cast Rescue in New Light
Wall Street Journal 06.20.2012
Spanish Official: Slow Reaction to Crisis
Wall Street Journal 07.18.2012
ECB's Draghi Must Avoid Moving Target for Spanish Aid
Wall Street Journal 07.30.2012
EU Reaches Deal on Bank Supervisor
Wall Street Journal 12.13.2012
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