Spain’s bank chief warns on deficit

Article reports that the Governor of the Bank of Spain, Miguel Angel Fernández Ordóñez, bluntly told the government of Spain on the 16 June 2009 there was no room for deficit spending beyond the plans already announced to try to revive the economy.

In his sternest policy warning since the economic crisis began last year, Mr Ordóñez said Spain’s budget deficit could reach 10% of gross domestic product in 2010, while government debt could exceed 60% of GDP, up from less than 40% at the end of 2008.

Website: Banco de España / Bank of Spain http://www.bde.es/homee.htm

Bank of Spain: Annual Reports http://www.bde.es/informes/be/infanu/infanue.htm

ESO: Background information: Spanish realism supplants ‘green shoots’ http://www.europeansources.info/record/spanish-realism-supplants-green-shoots/

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