November 25, 2010

THERE IS NO SPAIN:

A Spanish Bailout Would Test Europe’s Strained Finances (RAPHAEL MINDER, 11/24/10, NY Times)

Another concern is that the central government’s cost-cutting zeal might not be matched by regional and local authorities, which accounted for 57 percent of public spending last year. Coming regional elections, starting with Catalonia this Sunday, could persuade politicians to make some unsustainable spending pledges, in particular in regions like Andalusia, where some municipalities have already fallen behind in paying staff salaries.

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Posted by Orrin Judd at November 25, 2010 10:51 AM
  
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