Today, Spain is at the forefront in the headlinesand media with ugly protests in Madrid ahead of Thursday’s budget announcement.
With an unemployment rate over 25%, one can understand how the population is distraught over additional budget cuts that will be proposed this week. Suffice it to say, the optics are nasty and more protests are expected later today.
Also, we have the news yesterday that Catalan President Artur Mas called for early elections to be held November 25th and to push for “self-determination.” (See more below)
We also have Spain announcing today that their budget deficit for from January to August has swollen from 3.81% last year to currently 4.77% of GDP with spending up 8.9% and tax receipts down 4.6%. (They better be careful or soon their going to resemble the US!)