Prime Minister Rajoy ‘confident’ budget targets will be met

Photo of the Irish Guards parading. Credit: Wikipedia - IrishGuardsBand CC BY-SA 3.0

AFTER an EU warning last week that the public deficit targets in Spain´s 2016 budget were unrealistic the Spanish Prime Minister defended his government´s position on Tuesday October 13.

Opponents of the conservative government in Spain have labelled the early budget as a strategy before the country´s general election this December. 

Prime Minister Rajoy dismissed claims that his plans could lead to more unforeseen cuts. Speaking in New York on Tuesday he said:

“I am very confident, and the Spanish people are too, that we are going to meet the deficit.”

The Prime Minister´s remarks were bolstered by government officials on Tuesday including Finance Minister Luis de Guindos, who said:

“I am convinced we are going to meet the Spanish government´s budgetary forecasts,” referencing the deficit of 4.2 per cent of GDP in 2015 and 2.8 per cent for next year.

He said the government would save up to €8.5 billion this year mainly as a result of tax revenues. During his speech in Madrid the Finance Minister added:

“According to the latest data we have, revenues are growing more than we had estimated in the budget.”

The Spanish Industry Minister also gave a television interview in which he refuted the idea that the forecasts were published as a way of securing support before the December elections.

The government´s comments come in the light of its latest forecasts which Pierre Mosovici, EU Finance Commissioner, called ‘a bit optimistic’.

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