No rain: Spain

Article Abstract:

To decrease a budget deficit that had grown 40% in the past six months, prime minister Felipe Gonzalez was force to call for higher taxes. Spending for the Olympics is a factor, but most consider that money well spent. Overspending on other government projects such as a high speed train is blamed.

Taxation, Budget deficits

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Wanted: a martyr

Article Abstract:

Spain aspires to join the EMU and have an economy as sound its member nations, but it is too poor to afford inefficiencies and a bloated welfare state. The country need a leader who will push through unpopular but needed radical economic reforms, though it is likely to end his political career.

Economic development, Free enterprise

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The peseta's fall

Article Abstract:

European nations should change the rules for the exchange rate mechanism rather than cancelling the system. Spain has devalued its currency for the third time in one year, and Britain and Italy show no interest in returning to the exchange.

Analysis, Economic aspects, Laws, regulations and rules, International aspects, Foreign exchange, European Union, Monetary policy, Currency devaluation, Devaluation (Currency), European Community

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