The Government soften the deficit communities if Brussels gives margin

The Minister Cristóbal Montoro salutes the catalan Councilor Andreu Mas-Colell after a meeting with the communities January. / ÁLVARO GARCÍA

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The economy is a game of rhythm and speed. Therefore the Government has placed high hopes on the decision of the European Commission on Friday, February 22, when it makes public the economic prospects for next year. That day set the budgetary objectives of the Member States and is expected to smooth the pace of reduction in the deficit of Spain. The Government will have a reprieve because the overdose of cuts in Europe is worsening the recession.

If, finally, gets longer, the Ministry of finance arises share part of that margin with the autonomous communities, according to Government sources. Several regional directors already take for granted that they will have more time to reduce the deficit.

The current CAP on deficits set by Brussels for the whole of the public administrations of Spain [State, Social Security, communities and municipalities] in 2013 is 4,5% of the GDP, 1.8 points lower than last year, when the Executive was to limit the budget gap to 6.3%. It remains unclear how 2012 has closed. Within a few weeks the Treasury must publish the data of budgetary deviation from last year. All the experts consider that it will be around 7% of GDP - the average of 19 private studies published by Funcas services reaches 7.3%.

Madrid, Castilla - La Mancha and Extremadura met in 2012

The communities, which had good guilt in budgetary deviation from Spain in 2011 [recorded a deficit of 3%], had the task of reducing the difference between expenditure and budgetary revenue to 1.5% of GDP last year. Duties for this year through lower to 0.7%, but may achieve a few decimal points of margin if Spain accomplishes more time in Brussels.

It is not yet decided, it is studying, they insist the Department Cristóbal Montoro, calling wait to know the final decision in Brussels to announce the pace that communities must balance its public accounts. Although they admit that if Brussels finally opens the hand, the Executive will relieve pressure on the autonomies. But it remains to be seen with what intensity. This position suggests a change of opinion regarding some weeks ago, when they rejected emphatically flexible autonomies deficit while many claim it for months. However, the Executive will not take any decision until March, when it has budgetary execution data and know what has been the regional deficit in 2012.

Experts believe that autonomy will not be met by a few decimal points

Lighter shown in the Cabinet directed by Luis de Guindos. The Minister of economy said a few weeks ago that if the Commission loosened the deficit in Spain for 2013 deal should be "fair".

Some autonomous communities have already public their calculations from last year. Madrid has tabled a deficit of 1.13% turnover, Extremadura (0.97%), Castilla - La Mancha (1.48%), Castilla y León (1.38%) and La Rioja (1.42%). But even though all of these met, lack know the Datum of autonomies with too much weight in the overall economy and that will not be so applied. Catalonia has already warned that it will be setting at 2%, the Valencian Community and Balearic Islands have already warned that it will not fall of 1.5% and admits deviations and Andalusia may also be in the vicinity of 2%.

The accounting efforts communities has been remarkable, although the adjustments set for this year in the budget are even more severe. So far they have trimmed, mostly, in the chapter on investments. But, from now on, when just muscle that slice, they will have to undertake cuts in structural expenditures and social health, education and public employees draught.

Finance; Economic; Business

Finance; Economic; Business

Title Post: The Government soften the deficit communities if Brussels gives margin
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