McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams Money Manager.com is a BBB Accredited Business. Click for the BBB Business Review of this Financial Services in Knoxville TN

Money Manager Articles

Home > News and Opinion > Spain’s Prime Minister Faces Extreme Pressure At The Hands Of Locals

Spain’s Prime Minister Faces Extreme Pressure At The Hands Of Locals

George Sterling | Wednesday, September 26th, 2012

Spain’s Prime Minister Mariano Rajoy is facing extreme pressure at the hands of locals as he inches closer towards accepting a bailout package.

Rajoy will be announcing even tougher economic reforms and a tighter budget for the next year on Thursday that will further drive the emotions of the locals. The locals are protesting against austerity measures in the country.

The Prime Minister will announce extremely stringent economic reforms on Thursday along with a strict 2013 budget as he wants to convince the European zone that the highly indebted country is trying to cut down its deficit and get an approval on the bailout package.

Currently in Spain, the local unemployment rate is 25 percent and economic conditions in the country are worsening.

Spain’s deficit level for this year exceeded the year-end target and according to newly released data on Tuesday, Spain will not be able to achieve its public deficit target of 6.3%.

In the past, Spain has been reluctant to accept bailout fund and if the country slides deeper into recession, it would mean greater trouble for the already troubled euro zone.

However, Rajoy is very close to accepting the bailout fund. While talking to Wall Street Journal, the Prime Minister remarked “I can assure you 100 percent that I would ask for this bailout”. The Prime Minister also called the ongoing situation in Spain “fascinating”.

Due to the fact that Spain has missed its deficit cutting target, its credit rating might be further dropped by the ratings’ agencies. Overtime, Spain’s credit ratings have been degraded and on Friday, Moody’s is expected to further downgrade the country’s ratings to junk status.

Spaniards are expected to react aggressively after Rajoy’s public announcement and revelation of the budget and economic reforms tomorrow. The locals continue to battle against the government’s strict measures and are finding it extremely difficult to cope up with the existing economic conditions such as lack of employment and high inflation.

I need help with:
Portfolio Management Retirement Planning
Estate Planning Education Planning
401K Rollover Debt Relief Services


Leave a Comment

*

  
Portfolio Management
Retirement Planning
Estate Planning
Education Planning
401K Rollover
Services
News
Money Manager Login
Privacy Policy
Terms of Service
Contact
Money Manager Directory
Calculators
Sitemap
© 2017 MoneyManager.com All rights reserved