Spain Joins Greece In The Euro Dance Of Debt

News breaking today tells us that Spain is likely to be fined under new EU rules for a “grave” breach of budget limits, the European Commission warned on Monday, despite Jose Manuel Barroso stating that he was confident the Spanish government would fulfil its commitments.

A relapse into recession pushed Spain’s budget deficit to 8.5pc last year, far above the 6pc target.

The fiscal compact was signed by EU national leaders, apart from the UK and Czech Republic gives The European Court of Justice the power to fine countries up to 0.1pc of GDP if they fail to stick to the new rules.

Well if they’re already broke that’s really going to effing help isn’t it?

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3 thoughts on “Spain Joins Greece In The Euro Dance Of Debt

  1. That’s part of the reason we’re in this mess in the first place – giving massive credit and mortgages to people who have no means with which to pay them.
    In terms of fiscal responsibility, Deepak Chopra put it pretty well – people
    “spending money they don’t have,
    to buy things they don’t need,
    to impress people they don’t even like.”

    Why is it just the Meditarranean countries which seem unable to control their budgets?

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    • Oh I don’t know, our Labour government were up their with the major players when it came to flushing money we didn’t have down the drain … and the current lot aren’t much better at fiscal responsibility.

      Like

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