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 in 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

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

Gas shortages as snowstorm gives Sandy flashbacks

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AppId is over the quota
Martha C. White , NBC News contributor   –   10 hrs.

Batten down the hatches, it’s time for a stormy re-run.

Not of wind and heavy precipitation and threats of flooding, but of long lines at gas stations. Motorists across metro New York City descended in droves on area gas stations Thursday night and into Friday as the snow started falling.

“I went out initially at 8 a.m. and it was pure craziness,” said Kenneth R. Mall, a banker from Bayside, Queens. “I wasn’t going to wait an hour.”

Mall returned home and went back out to fill his tank around midnight, when he found that many pumps had already run dry. “I was kind of nervous because I was on empty... I just kept going until I found one,” he said. Mall said he passed nine gas stations that were all out of fuel before finally finding one with gas — and no line — about a 15-minute drive from his house.

“There are a lot of gas stations on Long Island running out of gas,” Alex Basini, a medical salesman from West Islip, said Friday morning. “People are a little panicked right now.”

'Whiteout': Potentially historic winter storm closes in on Northeast

Some people took to Twitter to bemoan long lines and advise others about outages on Friday, while others made fun of the mad rush for gas, pointing out that while hurricanes might be rare, blizzards aren’t uncommon in the Northeast.

“It’s just an overreaction. ... People are being overly cautious,” Island Park, Long Island car salesman Andy Boyes said via email. “If we do end up with massive power outages, gas may become an issue again, but I seriously doubt it.”

Still, local residents have lingering memories of the chaotic days and weeks following Superstorm Sandy, when limited availability of gasoline prompted New York City Mayor Michael Bloomberg and New Jersey Governor Chris Christie to impose rationing requiring motorists to buy gas on alternate days.

"Better safe than sorry," Old Bethpage resident Mark Breyer told NBC New York Thursday night, adding that he was without power for nearly two weeks as a result of Sandy.

The prospect of power outages increases demand, as homeowners with generators stock up on fuel to keep their electricity on. Mall said the customer next to him was filling up a portable container as well as his vehicle’s tank.

Vivencio S. Valencia, a physical therapist from Bergenfield, N.J., also said he saw other customers filling up portable containers during his half-hour wait for gas on Thursday night.

“I still had [a] half tank full but I was just worried once Nemo strikes,” he said via email. He said other stations he passed on his way home last night all had lines of 10 to 15 cars each.

These well-intended efforts to prepare can backfire, said Tom Kloza, chief oil analyst at Oil Price Information Service. “When everybody hears about gas lines, you get a little bit of collateral buying” by futures traders responding to the sudden spike in demand at the pump, he said. And the empty station tanks frustrating motorists Friday are entirely due to pre-storm panic-buying.

From CNBC: Storm sends fuel prices to fresh 2013 highs

Kloza told CNBC, “The threat of no electricity in pumping stations and no electricity in New England to keep fuel supply terminals open" is contributing slightly to a run-up in wholesale gas prices that began in mid-January and has added about 50 cents a gallon to the cost of fuel.

This storm, even if it clocks in on the severe side of forecasters’ estimates, doesn’t have the potential to do the kind of damage Sandy left behind. “Sandy knocked out almost every terminal in New York Harbor, in some cases for months, and knocked out some refineries for about a month,” Kloza said.

Aside from gas, the usual stockpiling of staple grocery items and batteries that tends to kick in before a storm hits seemed to be amplified, as well. Twitter users posted about long lines and stocking up on food and beverages.

“I actually went to the grocery store this morning and bought cold cuts, milk, eggs, all the essentials,” Basini said. He wasn’t the only one with that idea — he said the two cashiers working at that early hour were overwhelmed.

Finance; Car Insurance; Health

Finance; Insurance; Business