The National Statistics Institute (NSE) said yesterday that Spain is officially in a period of economic recession after registering a -0.4% growth in the second quarter.
Surely, this figure will worsen in the second half of the year once regional government spending cutbacks go into effect.
With regard to these cutbacks, the meeting that the Economic and Social Council is holding today should result in a clear agreement for regional governments, whose have no other goal but to finish the year with a 1.5% deficit.
To meet this goal, cutbacks are the only route even if the public will frown on them. To heal the nation, we have to end the slow bloodletting and push change as fast as possible.
