Accountant Olbia, "We are a serious country and we will keep our promises." Thus, during the World Economic Forum in Davos, the English Prime Minister Jose Luis Rodriguez Zapatero has tried to drive away the shadow of crack cocaine weighing about Greece and tried to reassure the international markets on the strength of the English economy. But many analysts are beginning to doubt the credibility of the government in Madrid that data in hand, continues to wave graphics and a positive outlook for the future, which seems very little credibility. The greatest fear is that the surprise collapse of Finance Iberian to overwhelm the entire European Union. Just as happened in yesterday's session of the Stock Exchange, where the Ibex 35 has been a splash of 5.94 percent.
Spain is the European country with the worst economic performance in the eurozone. While Germany, France and Italy are starting to signs of recovery in their economies - even if contained -, Madrid is still confronted with the numbers in red and with an unemployment rate that, in these days, already surpassed the 4 million people. According to the European Monetary Fund, Spain is the only developed country where in 2010 there will be growth, but rather a further decrease of 0.6 percent. In addition, economists such as Nobel Prize Paul Krugman and the New York University professor Nouriel Roubini have warned: "The fall of Greece to be a problem for the euro area - said in Davos - but that Spain would a disaster. " A realistic perspective as the weight of the Iberian Peninsula in the euro and nearly 20 percent, ten times that of Greece.
While Athens is currently under the direct tutelage of Brussels - which has set strict financial recovery plan for the Hellenic with a strict timetable on the development of measures and deadlines - Spain has established a program that, per molti analisti, è tutt’altro che realizzabile. Qualche giorno fa Zapatero ha annunciato un piano di stabilità fiscale che prevede un risparmio di ben 50 miliardi di euro in quattro anni che, secondo quanto si legge nel documento, dovrebbe portare il deficit pubblico dall’attuale 11,4 per cento alla tanto ambita soglia europea del 3 per cento nel 2013. Il Financial Times definisce il piano stilato dal ministro dell’Economia Elena Salgado non solo incompleto ma anche “irrealistico”, sostanzialmente perché prevede una crescita del 3 per cento annuo. E, viste le congiunture economiche, per raggiungere questo obiettivo ci sarebbe bisogno di un vero e proprio miracolo.
Intanto, molti osservatori hanno già da Time began to distrust the statements by the English government and fear that the English economic situation is much worse than the painting in Madrid. Amid the current international data and challenging international economic institutions, last September the government was talking of a deficit in 2009 of 5.2 percent of GDP, revised up to November 8, 5 per cent and now , just two months later, the shot ricorregge admitting a person of 11, 4 per cent (amounting to over EUR 110 billion).
But there's more. Among the maneuvers that Zapatero has stipulated in the restoration sent to Brussels was set to increase retirement age to 67 years and rising 25 years of age into account to calculate the pension, ten years older than the existing ones. The move - which had been hidden for more public opinion - which contributed to reducing the deficit to 4 percent by 2030. But, faced with popular demonstrations and threats of fierce resistance to trade unions and the opposition party, the government had to delete the paragraph stating that "there had been a misunderstanding because it was a simulation." An affront not only to the English people but also against the European Commission.
After this deception, the Executive has been accused by political parties and trade unions spagnole – incluso da CC.OO, di estrema sinistra – di “improvvisare” la gestione contro la crisi e di essere formato da “un gruppo di dilettanti della politica”. All’estero, invece, la credibilità di Zapatero è ormai al lumicino. Sempre il Financial Times accusa il premier spagnolo di non aver fatto abbastanza per la crisi (“Ha speso con troppa leggerezza per i piani di creazione di nuovi posti di lavoro”) ma soprattutto di “essere stato talmente persistente e iper-ottimistico nelle prospettive economiche che ora sarà davvero difficile convincere gli spagnoli a fare dei sacrifici finanziari necessari per uscire dalla crisi”.
Il quotidiano inglese ricorda inoltre che se fino recently, Spain had the solidity of its two major banking groups (BBVA and Santander Central Hispano) now it may topple over. According to what has emerged recently, in fact, BBVA had masked some negative data related to the amount of "bad loans" that he owns in Spain. A few days ago, the leaders have given a surprise by announcing another blow to the collapse of 94 per cent of group earnings last quarter from the previous year.
Many experts wonder whether the banking group has actually confessed to all his financial problems or if it has started to become aware of them only now and we can expect the worst. According to Business Week site the main problem English banking is that it "sold the idea of \u200b\u200bbeing better prepared than anyone else, but now it is a fact that is even less accurate than before." The Financial Post believes that the English banking crisis could be even more negative than the American, sweeping right in all European economies.
Economist Roubini points out that the situation in Spain, like Ireland's, is compounded even more due to the enormous debt mortgage banking liabilities resulting from the construction boom. Not by chance that the rating agency Standard & Poor's has lowered for the first time since 1996, the status of the risk of debt in Spain. Yesterday, she finally experienced the fear in European stock markets: the concern for the English economy has led the Ibex 35 to record a splash of almost 6 percent, its worst result since November 2008, creating a domino effect of losses also lists the continent. (The group Santander has lost more than 9 percent.)
All these signs offer a perspective at all attractive not only for Spain, but also for Europe could be dragged along with it into an abyss. To be truly credible, Zapatero to do is to let the one hand and move on to the promises made, begin to replace the Minister of Economy.
Spain is the European country with the worst economic performance in the eurozone. While Germany, France and Italy are starting to signs of recovery in their economies - even if contained -, Madrid is still confronted with the numbers in red and with an unemployment rate that, in these days, already surpassed the 4 million people. According to the European Monetary Fund, Spain is the only developed country where in 2010 there will be growth, but rather a further decrease of 0.6 percent. In addition, economists such as Nobel Prize Paul Krugman and the New York University professor Nouriel Roubini have warned: "The fall of Greece to be a problem for the euro area - said in Davos - but that Spain would a disaster. " A realistic perspective as the weight of the Iberian Peninsula in the euro and nearly 20 percent, ten times that of Greece.
While Athens is currently under the direct tutelage of Brussels - which has set strict financial recovery plan for the Hellenic with a strict timetable on the development of measures and deadlines - Spain has established a program that, per molti analisti, è tutt’altro che realizzabile. Qualche giorno fa Zapatero ha annunciato un piano di stabilità fiscale che prevede un risparmio di ben 50 miliardi di euro in quattro anni che, secondo quanto si legge nel documento, dovrebbe portare il deficit pubblico dall’attuale 11,4 per cento alla tanto ambita soglia europea del 3 per cento nel 2013. Il Financial Times definisce il piano stilato dal ministro dell’Economia Elena Salgado non solo incompleto ma anche “irrealistico”, sostanzialmente perché prevede una crescita del 3 per cento annuo. E, viste le congiunture economiche, per raggiungere questo obiettivo ci sarebbe bisogno di un vero e proprio miracolo.
Intanto, molti osservatori hanno già da Time began to distrust the statements by the English government and fear that the English economic situation is much worse than the painting in Madrid. Amid the current international data and challenging international economic institutions, last September the government was talking of a deficit in 2009 of 5.2 percent of GDP, revised up to November 8, 5 per cent and now , just two months later, the shot ricorregge admitting a person of 11, 4 per cent (amounting to over EUR 110 billion).
But there's more. Among the maneuvers that Zapatero has stipulated in the restoration sent to Brussels was set to increase retirement age to 67 years and rising 25 years of age into account to calculate the pension, ten years older than the existing ones. The move - which had been hidden for more public opinion - which contributed to reducing the deficit to 4 percent by 2030. But, faced with popular demonstrations and threats of fierce resistance to trade unions and the opposition party, the government had to delete the paragraph stating that "there had been a misunderstanding because it was a simulation." An affront not only to the English people but also against the European Commission.
After this deception, the Executive has been accused by political parties and trade unions spagnole – incluso da CC.OO, di estrema sinistra – di “improvvisare” la gestione contro la crisi e di essere formato da “un gruppo di dilettanti della politica”. All’estero, invece, la credibilità di Zapatero è ormai al lumicino. Sempre il Financial Times accusa il premier spagnolo di non aver fatto abbastanza per la crisi (“Ha speso con troppa leggerezza per i piani di creazione di nuovi posti di lavoro”) ma soprattutto di “essere stato talmente persistente e iper-ottimistico nelle prospettive economiche che ora sarà davvero difficile convincere gli spagnoli a fare dei sacrifici finanziari necessari per uscire dalla crisi”.
Il quotidiano inglese ricorda inoltre che se fino recently, Spain had the solidity of its two major banking groups (BBVA and Santander Central Hispano) now it may topple over. According to what has emerged recently, in fact, BBVA had masked some negative data related to the amount of "bad loans" that he owns in Spain. A few days ago, the leaders have given a surprise by announcing another blow to the collapse of 94 per cent of group earnings last quarter from the previous year.
Many experts wonder whether the banking group has actually confessed to all his financial problems or if it has started to become aware of them only now and we can expect the worst. According to Business Week site the main problem English banking is that it "sold the idea of \u200b\u200bbeing better prepared than anyone else, but now it is a fact that is even less accurate than before." The Financial Post believes that the English banking crisis could be even more negative than the American, sweeping right in all European economies.
Economist Roubini points out that the situation in Spain, like Ireland's, is compounded even more due to the enormous debt mortgage banking liabilities resulting from the construction boom. Not by chance that the rating agency Standard & Poor's has lowered for the first time since 1996, the status of the risk of debt in Spain. Yesterday, she finally experienced the fear in European stock markets: the concern for the English economy has led the Ibex 35 to record a splash of almost 6 percent, its worst result since November 2008, creating a domino effect of losses also lists the continent. (The group Santander has lost more than 9 percent.)
All these signs offer a perspective at all attractive not only for Spain, but also for Europe could be dragged along with it into an abyss. To be truly credible, Zapatero to do is to let the one hand and move on to the promises made, begin to replace the Minister of Economy.
Accountant Olbia 
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