It?s not off to a good start. The Spanish government has begun planning it´s Federal Budget FY 2012 by cutting no related financial expenses less than expected: just a 3.8 per cent, half of last years´ number but much less than the 10 per cent rumored.
Zapatero seems to be optimistic, waiting for his administrations forecast to become true, in a time when most analysts and several international institutions have reduced their expectations over Spanish economy.
Lets be honest, by 2012, Zapatero will be gone. Without Moncloa´s forecasts becoming true, income will not be enough to achieve deficit cuts objectives imposed by Brussels.
Right now, Spanish Government seems not to worry. Zapatero will not have to care to deal with 2012 results, even if he decides to advance the presidential elections.
It had caught our attention that Elena Salgado, Spanish Minister of Economy, had discarded any tax increase even when the Bank of Spain, Brussels and the IMF recommended VAT increases as a support measure to the must needed reforms.
Spanish Government love to sweeten reality instead of assume responsibility and help their successor in 2012 to achieve a full recovery.
Translated and Edited in English by Jose L. De Haro
