Telegraph.co.uk is reporting that
Spain's cabinet ministers took the unprecedented step of interrupting their summer holidays to hold an emergency meeting on the nation's deepening economic crisis.adding that
Jose Luis Rodriguez Zapatero, the Spanish prime minister, sought to address the "stagnation and slowdown" of the economy when he announced a package of 24 measures designed to lessen their effect.
And would this happen here
The cabinet approved the provision of a 20 billion euro (£15.9 billion) finance package in a bid to stimulate the economy and avoid a looming recession.
The package also aims to simplify environmental plans for public works and cuts red tape for small and medium-sized businesses. It will also boost railroad infrastructure, launch a partial privatisation of the airport system and allow longer opening hours for retailers.
It is the property sector that has been worst hit in the country.One expert recently described its economy as being in dire straits.House building was accounting for over 10% of Spain's economy and many builders are simply going to the wall.In some regions 69% of houses are still empty after 3 years.
Across the country unemployment has reached 10.4%, inflation hit a 15-year high of 5.3% and quarterly GDP growth stumbled to just above zero.
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