(BN) Rehn Calls on Spain to Spell Out Deficit-Reduction Measures
He is one busy non elected official.
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BN 02/14 14:46 Rehn Sees Determination to Prevent Disorderly Greek Default
BN 02/14 14:11 EU’s Rehn Says Crisis Shows Serious Risks Macro Imbalances Pose
BN 02/14 14:44 *REHN SAYS FAIR TAX SYSTEM IS ESSENTIAL ELEMENT FOR GREECE
BN 02/14 14:44 *REHN SAYS EU STANDS BY THE GREEK PEOPLE
BN 02/14 14:41 *REHN SAYS `TO MY KNOWLEDGE’ EUROGROUP WILL MEET TOMORROW
BN 02/14 14:41 *REHN SAYS A DISORDERLY DEFAULT MUST BE AVOIDED
BN 02/14 14:40 *REHN SAYS FIGHTING TAX EVASION IS PARTICULAR FOCUS OF PROGRAM
BN 02/14 14:39 *REHN SAYS TAX EVASION STILL A SERIOUS CONCERN IN GREECE
BN 02/14 14:38 *EU’S REHN SPEAKS TO REPORTERS IN STRASBOURG, FRANCE
BN 02/14 14:38 *REHN SAYS GREEK AUSTERITY PROGRAM MUST BE IMPLEMENTED
BN 02/14 14:38 *REHN CALLS FOR FULL OWNERSHIP OF THE GREEK PROGRAM
BN 02/14 14:38 *REHN SAYS SHOULD SOON BE ABLE TO DECIDE ON SECOND GREEK PROGRAM
BN 02/14 14:34 *REHN SAYS RAPID HOUSE-PRICE RISES ARE CAUSE FOR CONCERN
BN 02/14 14:34 *REHN SEES RAPID HOUSE-PRICE RISES IN SWEDEN, DENMARK
BN 02/14 14:31 *REHN SAYS EU NATIONS NEED STRONG EXPORT PERFORMANCES
BN 02/14 14:28 *REHN SAYS SCOREBOARD DOESN’T INDICATE HIGH GERMAN IMBALANCES
BN 02/14 14:25 *REHN EXPECTS SPAIN TO SUBSTANTIATE ANNOUNCED DEFICIT MEASURES
BN 02/14 14:24 *REHN SAYS SPAIN CLEARLY COMMITTED TO CUTTING DEFICIT
BN 02/14 14:24 *REHN SAYS DON’T MAKE PREMATURE CONCLUSIONS ON SPAIN
BN 02/14 14:23 *REHN SAYS SPAIN TOOK PROMPT ACTION ON DEFICIT
BN 02/14 14:21 *EU’S REHN SPEAKS AT PRESS CONFERENCE IN STRASBOURG, FRANCE
BN 02/14 14:20 *REHN SAYS LOW GROWTH POTENTIAL IS CONCERN FOR ITALY
BN 02/14 14:13 *REHN SAYS NEED TO PROBE STRUCTURAL CAUSES OF HIGH SPAIN JOBLESS
BN 02/14 14:09 *REHN SAYS CRISIS SHOWS SERIOUS RISKS MACRO IMBALANCES POSE
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Rehn Calls on Spain to Spell Out Deficit-Reduction Measures (1)
2012-02-14 16:20:47.820 GMT
(Updates with comments by Rehn in fifth paragraph.)
By Angeline Benoit
Feb. 14 (Bloomberg) — European Union Economic and Monetary
Commissioner Olli Rehn urged Spain to spell out how it will cut
the budget deficit in 2012 after missing last year’s goals.
“When it comes to deficit reduction in 2012, the Spanish
authorities have clearly stated their commitment to restoring
sustainable public finances,” Rehn told reporters today in
Strasbourg, France. “We expect the Spanish government to
substantiate the measures announced recently.”
Rehn said the EU wants Spain to “move quickly in the
preparation of the 2012 budget in order to meet fiscal targets
for this year” and prepare for 2013.
Spain had the euro area’s fourth-largest budget deficit in
2010 and failed to meet the target set by the EU in 2011. Prime
Minister Mariano Rajoy now has to nearly halve the shortfall in
one year to get the nation back on track while fighting a second
recession in two years.
Media reports that the EU is considering sanctions against
Spain are “incorrect and misleading,” Rehn said.
Rajoy, whose People’s Party government took over from the
Socialists in December, has said he’ll present a budget for 2012
after the EU’s growth forecast for Spain is released on Feb. 23.
He has increased taxes and reduced public spending to cut the
deficit by 15 billion euros ($20 billion).
Moody’s Investors Service yesterday said it is
“skeptical” the nation can trim the gap to 4.4 percent of
gross domestic product as pledged by Rajoy. Moody’s said it
expects the general government budget deficit to remain between
5.5 percent and 6 percent this year.
The adjustment Spain is faced with is “unprecedented”
Moody’s said, estimating the deficit must be reduced by around
40 billion euros.
For Related News and Information:
News on the Spanish economy: TNI SPAIN ECO <GO>
ECB news:NI ECB <GO>
Bond markets: WB <GO>
Credit ratings: CSDR <GO>
–With assistance from Jonathan Stearns in Strasbourg. Editors:
James Hertling, Jeffrey Donovan
To contact the reporter on this story:
Angeline Benoit in Madrid at +34-91-700-9617 or
abenoit4@bloomberg.net
To contact the editor responsible for this story:
Craig Stirling at +44-20-7673-2841 or
cstirling1@bloomberg.net