The market is in love with Spain's budget for 2013. New fiscal group will now monitor Spain's budget, ministerial spending will be lowered by 8.9% (approx) and spending will be reduced by EUR 40 billion. Tax revenues are expected to rise by 3.8% to EUR 175.2 billion as Spain is convinced it will meet its 6.3%/GDP debt target by 2012. Spain is expected to be in recession in 2013 but hopes the new spending cuts will ensure it may be the last recession the Spanish region will see.
Egan Jones Downgrade Spain
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