The seventeen Spanish "Comunidades Autónomas", the autonomous regions are sitting on a mountain of debt of 121.000 millions of euros, which is a quarter more than a year ago. And in March, they had maxed out the deficit target for the full year in half.
The empty cash register also affect the payment practices of the municipalities. Since the outbreak of the crisis, have quadrupled and the outstanding amount according to the newspaper "El País" as 50.000 millions of euros. Affected by the lax payment practices are mainly private providers, which are in Spanish municipalities for street cleaning and waste disposal charge now and pay their employees no longer can.
Euro bonds are bonds that are issued jointly by the countries of the Euro-zone. It does not exist yet. Germany rejects it. For the repayment of these papers all countries would jointly liable.
The advantage is that in this way, countries like Greece could come in fresh money, without having to pay higher interest rates because of their bad credit rating need.
The disadvantage is that pay cash Powerful countries like Germany and France would have higher interest rates than before - which would cost taxpayers billions. In Germany alone, it would be up to 25 billion € per year, the Ifo Institute has calculated. In the longer term could lead to pooling of debt also means that countries enter under the security seal of the euro zone more debt than they can bear. fwi
"In the coming months to many communities to be prepared for harsh cuts," says Francisco Jardon, president of the Confederation of waste companies Aselip. In Castilla La Mancha 700 pharmacists already on strike because they are from the state government has long received no money for prescription drugs. But not only the citizens are concerned, may also sit in the ministries of crisis teams.
Spanish media reported at the weekend that the Defense Department lacks € 26 billion for arms contracts signed. Topping the shopping list are the Leopard tank (2.4 billion euros) and the Eurofighter EF-2000 Euro (EUR 9.3 billion), now would be the deferred liabilities and renegotiated.
More than a few Spaniards give the Germans the blame for the dire situation. "The main enemy of the euro zone are not about the rating agencies, but Angela Merkel," said Gonzalo Bernardo, vice rector and professor of economics at the University of Barcelona. The Chancellor did not have shown the need for solidarity with the Mediterranean countries in order to later recover the appropriate reward in spades.
The hope of the Regions, the Central Government in tackling them may assist the budgetary problems is likely to prove illusory. The Zapatero government has reduced the pension benefits and will now also reduce the unemployment benefit, says Pedro Schwartz, president of the Madrid court competition.
"Is the welfare state under these circumstances, how to know him, the Spaniards, has become untenable." The rating agency Standard & Poor’s believes, however, that the government would have to transfer in Madrid this year at least 3.4 billion to the regions to the biggest gaps . close Then it would be difficult to reduce the budget deficit as planned, from 9.2 to six percent of GDP.
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