Today Jens Wideboy claimed that the EZ Crisis was alive & well when he highlighted France's unresolved woes.
Tonight's News from Spain clearly shows that there is worse to come from Sunny Espana now too.
Here's a story you can expect to see in the Wall Street Journal or Financial Times tomorrow. You can read it here today.The government deficit in terms of national accounts in January reached 12.729 billion euros, equivalent to 1.2% of GDP, representing an increase of 35.4% over January 2012.
- Spain's budget deficit for the month of January was 0.89% not counting regional deficits.
- The target for the entire year is 3.8% of GDP.
- On that basis, Spain went through 23.42% of its annual budget in a single month.
- Spain's deficit target including regions and transfer payment is 4.5% of GDP.
- The deficit including regions and transfer payments was 1.2% of GDP.
- On that basis, Spain blew 26.67 % of its budget in a single month.
- Territorial government revenues declined 29.1%
- Income Tax revenue (corporate + personal) fell 18.2%
- Social Security payments grew by 40.2%
- Overall transfer payments increased 23.3%
Odds Spain hits its budget target of 4.5% in 2013 is precisely 0.00%.
Mish's Global Economic Trend Analysis: Spain's Budget Deficit Grew by 35.4% in January to 1.2% of GDP; Spain's Tax Revenue Drops 20% in Face of VAT Hikes
Can Draghqueen get to grips with the Latin Block & mollify the Teutons or will the Crisis continue spiraling out of Control
Latin Monetary Union - Wikipedia, the free encyclopediaBy a convention dated 23 December 1865, France, Belgium, Italy, and Switzerland formed the Latin Monetary Union and agreed to change their national currencies to a standard of 4.5 grams of silver or 0.290322 gram of gold (a ratio of 15.5 to 1) and make them freely interchangeable. The agreement came into force on 1 August 1866. The four nations were joined by Spain and Greece in 1868, and Romania, Bulgaria, Venezuela, Serbia and San Marino in 1889.