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1、TheSpanisheconomyOnbeingproppedupSpain’spainislikelytocontinue,despitesomepromisingreforms,unlessnewsourcesofgrowthemergeMay25th2013
2、MADRID
3、Fromtheprintedition··TweetTHEgloominSpainisalmostpalpable.YettwoyearsonfromtheprotestsbeguninMadridbyyoungSpaniardsknownaslosind
4、ignados,mostaccepttheirlotwithresignation.ThegovernmentofMarianoRajoyisunpopular,butsoistheopposition.Andwhereasmanyotherstrickeneuro-zonecountriesblametheGermansfortheirwoes,Spaniardsrecognisethattheyarepayingfortheirownexcesses,especiallytheburstpropertybubble.Thenu
5、mbersaregrim.Theeconomyisindeeprecession.InthefirstthreemonthsoftheyearGDPshrankforaseventhquarterinarow.Thepublicfinancesremainstretched,withthebudgetdeficitat7%ofGDP.Bondyieldshavefallen,butthecreditcrunchforsmallfirmsisworsening.Corporatebankruptciesarerunningatten
6、timespre-crisislevels.Andunemploymentisatarecord27%(seearticle).Inthissection·Onbeingproppedup·Indignant,undignified·Comingin·Presidencythroughambiguity·Up,butnotout·Tor!Tor!Tor!·HobblingbehindAmericaReprintsRelatedtopics·EUeconomy·Economies·Governmentandpolitics·Publ
7、icfinance·BusinessSpaincouldbethebiggesttestfortheeuro.Fourcountries—Greece,Ireland,PortugalandmostrecentlyCyprus—havebeenbailedoutandareinprogrammesagreedonwiththe“troika”oftheIMF,theEuropeanUnionandtheEuropeanCentralBank.ButSpainistheonlybigeuromemberthathascomeclos
8、etoabail-out.Instead,itlastyeartookahalfwayofferof€100billion($129billion)supportfromtheEuropeanbail-outfundforitsbanks(itdrew€41billion).UnlikeFrance,ithasmadebigstructuralreforms.UnlikeItaly,ithasastronggovernmentthatexpectstolastuntilthenextelectioninlate2015.Moreo
9、ver,afewglimmersofhopecanbediscernedamidthegloom.ThankstotheECB,long-termbondyieldshavefallenbacktopre-crisislevels.Sharpfiscalconsolidationhastrimmedthebudgetdeficitfrom11%ofGDPin2009to7%thisyear.Overspendingbyfractiousregionshasbeenpainfullybroughtundercontrol.AndSp
10、ainhasbeengivenanextratwoyearstohackitsdeficitbelow3%.Thegovernment’sprogrammeofrestructuringandreformhasalsostartedtoproduc
