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Draghqueen's Spanish Tummy: "Spain's Budget Deficit Grew by 35.4% in January"


Dublin 4

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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 :confused:

By a convention dated 23 December 1865,[1] 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.[2] The four nations were joined by Spain and Greece in 1868, and Romania, Bulgaria, Venezuela, Serbia and San Marino in 1889.
Latin Monetary Union - Wikipedia, the free encyclopedia
 

Vega1447

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Why "Draghqueen"? Is he gay/effeminate?

If so how is it relevant to Spanish economy?

If not why say it?
 

southwestkerry

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Draghbe saying... O really thats nice to know....I have to hold my hand up and say... I am worried about myself these day far more so than whats what in the Union off Europe. Plenty not going well down my way one thing after another, its bad enough having those impossible to please lot at social protection but by gods now I have the flipping..................... in short, yes all for me and me for all
swk
 

Vega1447

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Joined
Oct 18, 2007
Messages
5,783
Draghbe saying... O really thats nice to know....I have to hold my hand up and say... I am worried about myself these day far more so than whats what in the Union off Europe. Plenty not going well down my way one thing after another, its bad enough having those impossible to please lot at social protection but by gods now I have the flipping..................... in short, yes all for me and me for all
swk
What?

*Leaves quietly*
 

Mad as Fish

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January 2012: 4 weeks
January 2013: 5 weeks

Just saying.
There are 4 months of the year with 5 weeks which means that if they blew 26% of their budget in the first of them it will be totally accounted for by the other 3, which still leaves 8 months to fund.
 

Con Gallagher

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Spain's Central Govt Budget Deficit Widens In January - WSJ.com

"The spokesman said the ministry believes January's data is "atypical" and that it won't have a large negative impact on the full year budget."

Two reasons why this thread should be ignored:
- no reference to any context ie an increase in tax refunds due to greater scrutiny
- the reference to the ECB chairman in that hillarious manner. If the mods don't see fit to change it, then it confirms the views expressed on this thread;

http://www.politics.ie/forum/feedback/207243-politics-ie-just-misinformation-hate-site.html
 

Mad as Fish

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Dublin 4;6527004 [B said:
Latin Monetary Union - Wikipedia, the free encyclopedia[/B]

By a convention dated 23 December 1865,[1] 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.[2] The four nations were joined by Spain and Greece in 1868, and Romania, Bulgaria, Venezuela, Serbia and San Marino in 1889.
There was a similar scheme amongst the Scandinavians if I remember rightly and the thaler served central Europes and beyond for several hundred years. Germany itself has renewed its currency 5 times in less than 150 years which all goes to show that there is nothing sacred about the form in which you express your money. I doubt that the Euro disappearing tomorrow or next week or whenever will be the doom laden event we are all led to believe.

I'm no expert when it comes to these things but I wonder if the Thaler might be adopted as a role model in the future. It was recognised as a universal coin of exchange but countries, states and even regions could have their own local currency that fluctuated in worth against this standard. This is probably akin to the gold and silver standards already tried, or maybe we should simply formalise the Dollar as the worlds currency which would be neat as the that unit is derived from the Thaler, meaning it would never have really gone away.
 

Dublin 4

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I'll link Wideboy's yelping later.

Some people need to chillax about a little nicknaming.

When you get bitter it only illustrates your panic...
 

Dublin 4

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The euro zone crisis is not over, France is slipping on reforms and the Bundesbank has set aside billions in new provisions for what it sees as risky Europe an Central Bank moves, Germany's central bank said today.
Presenting Bundesbank 2012 results that showed a sharp increase in its risk provisions, the German central bank's chief, Jens Weidmann, urged governments to tackle the roots of their troubles with reforms.


German bank chief says crisis not over - European Economic News | EU Budgets, Trends & Spending | Irish Tim - Tue, Mar 12, 2013
 
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