“España no está condenada al desastre total. Pero no está claro que Zapatero vaya a tomar las medidas necesarias para evitarlo…”
[ .. ]
“Es improbable que Zapatero lance las reformas necesarias para salir de la crisis…”
[ .. ] Not only are Spain’s economic woes a more extreme version of what’s happened in the past year in the U.S. and U.K., they’re likely to last longer because of the shallow roots of Spain’s recent economic success. A strong rebound isn’t out the question, if the government undertakes key reforms, but it’s unlikely to happen anytime soon. [ .. ] As for government finances, the public accounts fell into the red in June for the first time in three years. But the Spanish exchequer remains in a healthier position than much of the rest of the euro-zone where deficits are widening. Madrid has more room for maneuver. [ .. ] The test is whether the government will restructure the economy, notably a rigid labor market, to improve productivity and diversify sources of growth. The current focus on boosting welfare provision — raising minimum pension benefits by 6% as well as increasing the minimum wage — doesn’t bode well. [Wall Street Journal, 9 septiembre 08. Sean Walters, Prolonged Economic Pain, But Spain Should Rebound].
- Economía en este Infierno.