Spain's Minister of the Economy, Cristóbal Montoro, thinks that the crisis will reach a turning point before Q4 2013 thanks to strong efforts to cut the national deficit through spending cuts mostly and, to some extent, tax hikes.
But Montoro isn't seeing the whole picture. He is forgetting the governments failed attempt to cut the deficit by reducing government worker salaries and the fact that he has risen 30 separate taxes since Rajoy took office. All in all, he still has a chance to recuperate and cut the deficit by carrying out Public Administration reforms.
The work has already been publicized, but nothing official has happene yet. If the reforms can be carried out by year end, then Spain could save around 8 billion euros.
