Battered by the markets, pushed by Catalonia which proclaims its right to self-determination and the popular anger rising in the street, the Spanish Government keeps the cap on the rigour, but seems to be resigned to the inevitable: a global rescue of its economy.
Next step in the cure of austerity for back on track the accounts of the country: the Government of Mariano Rajoy right Unveils Thursday his draft budget 2013 with a new plan of reforms, a set that is perceived as a prerequisite for a financial rescue. Among the measures to recover EUR 39 billion, should be the freezing of the salaries of civil servants for a third consecutive year.
At the same time, the fourth of the euro area economy suffers from an escalation of tension in the markets, investors seem impatient before his reluctance to seek its financial rescue: ten years of the Spain borrowing rates are ironed Wednesday above the threshold of 6% and the Madrid Stock Exchange plunged more than 3 percent. And Mariano Rajoy, who adamantly refused to speak of “rescue”, has taken a new step in an interview with the Wall Street Journal: If the Spain borrowing rates maintained at a level ‘very high for too long’, endangering the country’s economy and increasing its debt, “I can assure you 100% that we would ask this rescue”, he said.
But the draconian conditions imposed by Brussels, the addition of 150 billion euros of savings between 2012 and 2014 to reduce the deficit below 3%, while the country deploys under a 24,63% unemployment rate, increasing social discontent. Wednesday, thousands of protesters, often young people from the movement of the “unworthy”, gathered for a second night in the vicinity of the Congress of Deputies, shouting ‘No, no, no, we are not afraid’, ‘Government resignation’ face cords of riot police. The previous evening, clashes
After months of often quieter events, framed by the unions, the scenes of riots involving of groups of young hooded to the forces of order, even if they remain marginal, reflect a growing exasperation. New York City, after the violence on Tuesday, Mariano Rajoy welcomed “the vast majority of the 47 millions of Spaniards” who “do not manifest. Before the crisis, he asked his countrymen “to be at the height’ circumstances and not to”compromise, due to short-term interests, worthy behavior”from the rest of the Spanish citizens.
The day before, he had received a dramatic call to order on the part of the president of Catalonia, Artur Mas, yet moderate nationalist, who has launched a bomb by announcing elections anticipated in its region for November 25. Artur Mas was still further Wednesday by saying that he would not hesitate to defy the opposition of Madrid by organizing a referendum on self-determination of Catalonia.
Because in this region traditionally rich, heavy weight of the Spain with 7.5 million people, marked by a deep cultural identity, the economic crisis has awakened a strong pro-independence boost. Today region the most indebted countries, with a slate of nearly 44 billion euros, 22% of its GDP, Catalonia accuses the central Government of being responsible for his difficulties and asked in August Madrid financial aid of five billion euros.
It is not the only one of the 17 autonomous regions, pillars of the young Spanish democracy including financial derivatives brittle throughout the economy of the country, have already called for help: is Tuesday after Valencia and Murcia, Andalusia which was announced that apply for assistance of EUR 4.9 billion.
Markets carried away by turmoil
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