Op-ed: Any hope left for 2013?

In 2012 the GDP will contract 1.7% and then 0.2% in 2013, according to Funcas. The reason is that underlying issues have not been resolved and doubts about the health of Spain's financial sector and its ability to trim its deficit persists.

A panel of experts estimates that at the end of the year Spain's deficit/GDP ratio will be 5.8% instead of the 5.3% that it promised. Why? Less growth means less tax revenues.

This is an uncertainty related to Spain's 2012 national budget, which will have fewer problems meeting spending predictions than revenue predictions. Funcas projects the most pessimistic view about economic development in Spain.

The government will approve the 2013-2015 Stability Plan today. The plan reflects the government's outlook for the three-year period. Rajoy said that things will improve at the end of 2013. That's a far goal, but not impossible to reach.