Topic: Global financial crisis
MADRID, October 10 (RIA Novosti)
- Spain’s 2013 Budget to Save $51 Bln
- Europe Markets Choke as Greece and Spain Flounder
- Spain’s Opposition Slams 65 Bln Euro Budget Cut
- Spain Seeks Finance Union as Bond Yields Hit 15 Year High
Capital flight from Spain reached a whopping 296 billion euros or 27 percent of the country’s GDP from June 2011 to June 2012, the IMF said on Wednesday.
Investors fear the eurozone sovereign debt crisis may escalate and are withdrawing funds from recession-hit peripheral countries, despite the Spanish government’s efforts to cut the budget deficit and carry out structural reforms.
The IMF predicts Spain’s budget deficit will reach 5.7 percent of the country’s GDP next year, above the planned level of 4.5 percent.
The IMF also estimates Spanish GDP will fall by 1.3 percent next year. Spanish economists are more pessimistic and think GDP could plunge 3.2 percent in 2013.
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: WTA Finals Draw Ceremony
Infographics: Nobel Peace Prize
During the 11th Annual Meeting to be held in Sochi from October 22 to 24, experts of the Valdai International Discussion Club will focus on whether the global community will develop ground rules for the world politics or whether it will be a game without any rules where everyone fend for themselves.