- Aims to also stimulate employment
- Calls for “dialogue” inside and outside of parliament
- Q4 growth likely to be negative
- Needs to cut deficit by 16.5 bln euros in 2012, debt to GDP to exceeed 79% by year end
- Spain may exceeed 6% deficit target
- “Serious uncertainties remain over banks balances
- First law to be approved by new incoming govt will be on budget stability, then to finalise banking sector reform process
- Pledges profound modernization of labour laws in Q1 2012
- Can’t allow inflation to exceed EU average
- Will pass urgent budget measures on Dec 30
- Will raise pensions in real terms from Jan 2012,
- Intends to present 2012 budget by end of March 2012, all other parts of budget will be cuts
- Intends to set structural deficit at 0.4% of GDP starting in 2020
- Will implement hiring freeze in Public sector with exception of security forces
- Pledges profound overhaul of public administrations
- Must eliminate doubts over value of bank assets, banks should sell property assets
- Sees more mergers in banking sector
- Will create Euro 3,000 tax benefit for companies hiring first employees, lower tax for re invested profits
- Bring back tax rebates for home purchases and improve tax rules on pension plans
Speaking in a debate in the Spanish parliament this morning
