English Story

西班牙将落实紧缩预算

Spain is due to set out its austerity budget for 2013 later, against a backdrop of a deteriorating economy and 25% unemployment rate. 

西班牙将在2012年以后开始实行财政紧缩,以应对不断恶化的经济形势和25%的失业率。
 
Madrid is expected to outline 39bn euros worth of savings, tax rises, and structural reforms.
 
It comes amid further protests this week, and growing expectations that Spain will seek a bailout from its eurozone partners.
 
On Friday, results of a stress test on Spain's banks are due to be released.
 
Spain's borrowing costs rose back to danger levels on Wednesday and the stock market fell.
 
The BBC's Tom Burridge, in Madrid, says that it seems investors are losing patience.
 
Spain will hope that Thursday's austerity measures will mean fewer economic conditions if, or more likely when, it asks for a second bailout.
 
'Significant' fall
 
Prime Minister Mariano Rajoy fuelled expectations that Spain would ask for a bailout when he told the Wall Street Journal on Wednesday that if borrowing costs were "too high for too long", then "I can assure you 100% that I would ask for this bailout".
 
The economic situation remains grim, with figures from the central bank on Wednesday showing the country's recession deepened as economic output fell.
 
"Available data for the third quarter of the year suggest output continued to fall at a significant pace, in an environment in which financial tension remained at very high levels," the Bank of Spain said in a monthly report.
 
The Madrid stock exchange closed 4% down on Wednesday, and the interest rate on Spanish 10-year sovereign debt rose above 6%.
 
Last week, Spain's second biggest bank, BBVA, estimated that up to another 60bn euros will be needed to bail out the sector.
 
About 20bn euros has already been allocated to troubled banks.
 
Spain, the eurozone's fourth largest economy, fell back into recession in the last quarter of 2011, the second recession since the bursting of the country's property bubble.
 
But with a shrinking economy and unrest in the country, reducing the deficit via further austerity measures may prove a difficult task for the government.
 
The government has predicted a budget deficit this year of about 6.3%, but many analysts estimate it will be nearer 7% or higher.
 
The basic outline for the budget has been known since July, but not exactly where the cuts and savings will come from.