The Conference of Presidents held yesterday ended in an agreement that all regional governments will commit to do what it takes to meet their deficit objectives in 2012 and 2013.
This outcome is positive considering the shaky atmosphere of the last several days. Regional government leaders made the agreement official, as was expected, and they voted unanimously, which is not an insignificant factor that can be interpreted as an effort to calm the EU. The EU wants Spain to meet deficit objectives more than anything. The document talks about starting to eliminate redundancy in government jobs, because this step is critical if Spain wants to get out of the hole it has dug and needs to be carried out as soon as possible.
