| Author (Person) | Mallet, Victor |
|---|---|
| Series Title | Financial Times |
| Series Details | 14.10.11 |
| Publication Date | 14/10/2011 |
| Content Type | News |
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Article reported that many economists, analysts and government officials in Spain were suggesting in the autumn of 2011 that the country would find it almost impossible to meet its ambitious target for cutting the budget deficit in 2011 to 6% of gross domestic product. A combination of sluggish economic growth, overspending by some of the 17 autonomous regional governments and the urge to loosen cost controls ahead of the general election on 20 November 2011 had derailed one of Europe’s most ambitious fiscal consolidation programmes. On the 13 October 2011 the rating agency Standard & Poor's cut Spain's long-term credit rating by one notch, from AA to AA-, because of weak growth and high levels of private-sector debt. |
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| Countries / Regions | Spain |
