Spain reforms to raise 56.4 billion euros

MADRID (Reuters) - The Spanish government's most recent reforms will slash 56.4 billion euros ($69 billion) from the public deficit in the next two and a half years, an official document showed on Saturday, leaving a gap to be filled by taxes on energy.

MADRID (Reuters) - The Spanish government's big reform package announced this week will slash 56.4 billion euro ($69 billion) from the public deficit in the next two and a half years, daily El Pais reported on its website on Saturday. The figure falls short of the 65 billion euros Spanish Prime Minister Mariano Rajoy said on Wednesday would be generated through tax hikes and spending cuts aimed at convincing the EU and investors it is serious about reform. The 8. ...

Spain's original deficit target for 2012 was 4.4%, then revised to 5% then 5.3%. The last revision brought the target all the way up to 6.3%. So how is Spain doing? Via Google Translate Libre Mercado says Spain recorded a fiscal deficit of 8.56% of GDP in the first half

10-Year Spanish Government Bond Yield Official Denials in Spain Escalate

Spain is finally shedding some public workers, but the total is still substantially above the number employed at the peak of Spain's property bubble.

It's hard to meet budget targets as promised to the the bureaucrats in Brussels when revenues collapse and the State Spends Twice as Much as Previously Admitted in First Half. Via Google translate (heavily modified by me) from El Confidencial:

Inquiring minds are watching the implosion of Spanish bonds. Spain 10-Year Government Bonds Spain 2-Year Government Bonds

The Financial Times reports Brussels hit by strike as EU leaders meet. A general strike brought widespread disruption to Belgium on Monday, as European Union leaders arrived for a summit in Brussels with a focus on boosting employment across the region. Trains, shipping, air travel and public transport were all hit by the trade union action, called in response to reforms enacted hastily by the new government of Elio Di Rupo.