Real Estate News - Marbella, Spain

Following a meeting with the leaders of the semi-autonomous regional governments, Budget minister Cristobal Montoro said that all the administrations are committed to reducing the public deficit.

There was agreement from 14 of the 17 regions to respect a deficit target of 1.5% of GDP for 2012. Sr. Montoro said the government has the means to force the three no-voters to comply. They were Andalucía, Catalonia and the Canary Islands.

Prime Minister Rajoy has controversially increased Spain’s deficit target from 4.4%, set by the European Commission, to 5.8% of GDP, in a decision made without consulting any other Euro leaders, or the commission itself.

Spain’s semi-autonomous regions control over a third of total public spending, including health and education. Last year they missed their target of 1.3%, more than doubling it to 2.9%, adding to Spain’s total of 8.5%, which was 2.5% above the EU target.

Spain is now on…

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