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Spain joins euro austerity drive

MADRID/BRUSSELS (Reuters) Spain belatedly joined the euro zone austerity bandwagon on cheap canada goose Wednesday in response to a widening debt crisis as the European Commission sought an unprecedented right of prior review of national budgets.

canada goose coats Spain’s Prime Minister Jose Luis Rodriguez Zapatero (L) and Deputy Prime Minister Maria Teresa Fernandez de la Vega attend a parliamentary session in Madrid, May 12, 2010. REUTERS/Juan Medina canada goose coats

canada goose clearance sale Prime Minister Jose Luis Rodriguez Zapatero said Madrid would slash civil service pay by 5 percent this year, freeze canada goose outlet new york it in 2011, cut investment spending and pensions and axe 13,000 public sector jobs in a drive to meet EU deficit targets. canada goose clearance sale

canada goose coats on sale have to make a singular, exceptional and extraordinary effort to reduce our public deficit and we have to do it when the economy is starting to recover, he told parliament. canada goose coats on sale

Canada Goose Outlet The announcement came two days after euro zone governments, the European Central Bank and the IMF agreed on a $1 trillion rescue package to stabilise the euro in exchange canada goose outlet online reviews for pledges by highly indebted countries to pare down their deficits. Canada Goose Outlet

Portugal canada goose outlet new york city finance minister said his government had picked a set of new measures for deeper spending canada goose outlet london cuts and would discuss them with the opposition before announcing them.

buy canada goose jacket cheap Portuguese Prime Minister Jose Socrates will canada goose outlet online store meet the leader of the main opposition party on Thursday to discuss the additional austerity measures, canada goose outlet los angeles which the cabinet may approve in a weekly meeting later the same day. banks and canada goose outlet michigan economic growth, telephoned Zapatero on Tuesday to press for action to reform the Spanish economy, the White House said. buy canada goose jacket cheap

Spain enjoyed more than canada goose outlet store new york a decade of rapid growth canada goose outlet belgium fuelled by EU aid and low euro interest rates, and long boasted a canada goose outlet locations in toronto healthy budget balance and low debt. But public finances were severely hit by the collapse of a construction bubble in the 2007 canada goose coats uk 8 credit crisis. The economy has lost competitiveness and unemployment stands at 20 percent.

Canada Goose sale After months canada goose outlet montreal in denial about the need for tougher measures, Zapatero announced an estimated 15 billion euros ($19.05 billion) in additional savings canada goose outlet store uk this canada goose jacket outlet sale year and next, sparking canada goose outlet online uk anger from trade unions usually on canada goose outlet vancouver good terms with his Socialist party. Canada Goose sale

Canada Goose Parka European shares rose despite figures showing the euro zone economy got off to a weak start in 2010 that will make deficit trimming harder, with paltry first quarter growth in Germany and France. Canada Goose Parka

GREEN LIGHT FOR ESTONIA The euro was slightly up against the dollar but gold prices soared to a record high as investors sought a safe haven from government debt. The Austrian Mint said it had sold more gold in the last two weeks than in the entire first quarter.

is exclusively from canada goose outlet vip Europe, the mint marketing director, Kerry Tattersall, told Reuters. a clear sign that there is panic buying because of canada goose outlet in montreal concerns about Greece and the euro.

canadian goose jacket In a reminder that some east European countries are still keen to join the 16 nation single currency, Estonia won a green light from the Commission to join the euro area in 2011. canadian goose jacket

canada goose store EU finance ministers are expected to ratify the decision in June. But the Baltic state is likely to be the last country to join for at least four years because other candidate countries have seen their deficits rise beyond the EU limit in the crisis. canada goose store

buy canada goose jacket Spanish and Portuguese borrowing costs soared last week as investors fled peripheral euro zone government bonds amid jitters over Greece acute debt crisis spreading to other highly indebted EU countries. buy canada goose jacket

But Portugal and Germany staged successful bond auctions on Wednesday after European Central Bank purchases of euro zone government debt in the market steadied investor canada goose outlet hong kong nerves. The risk premium on Greek debt hit canada goose outlet shop a three week low.

canada goose black friday sale In a drive to tighten fiscal discipline and prevent a re run of Greece fraudulent statistics and ballooning deficit, EU Economic and canada goose outlet uk sale Monetary Affairs Commissioner Olli Rehn unveiled proposals for greater budget coordination on Wednesday. canada goose black friday sale

The key canada goose outlet winnipeg plank would canada goose outlet eu make governments submit their draft budgets to Brussels for buy canada goose uk scrutiny and peer review by other member states before they are adopted by national parliaments. The Commission has no power to change national budgets but it would gain more time to influence the content upstream.

canada goose deals Rehn said it would enable the Commission and the European Parliament to economic challenges for the EU and the euro zone at an earlier stage and recommend changes. canada goose deals

But it is a potential challenge to fiscal sovereignty and may face watering down by euro heavyweights France and Germany.

canada goose The Commission also proposed a stricter use of existing sanctions, including a cut off of EU funds to countries that violated the bloc budget rules. canada goose

Canada Goose Jackets In a first reaction, German Chancellor Angela Merkel said the canada goose womens outlet proposals went in the right direction and were a means of transparency without being an attack on national budget rights. But she said changes to the EU treaty were still needed to enforce the bloc budget discipline rules more strictly. Canada Goose Jackets

French Finance Minister Christine Lagarde suggested on Tuesday that each https://www.canadagoosepark.com government should put its stability and growth programme a three year canada goose clothing uk fiscal plan to a parliamentary vote before sending it to Brussels. That could make it harder for EU officials to unpick budget measures.

MARKETS CALMING ECB policymakers, meanwhile, said their weekend decision to buy euro zone government bonds on the open market was having the desired effect in calming markets and curbing speculation.

canada goose clearance observer will notice that a number of markets which had been functioning very abnormally are gradually operating more normally, ECB President Jean Claude Trichet said canada goose outlet 80 off in an interview on France Europe 1 radio. canada goose clearance

ECB executive board member Juergen Stark said euro zone central banks would hold the government bonds they bought until maturity, and the canada goose outlet store quebec ECB would resist any political pressure to allow higher inflation to ease governments debt problems. But he acknowledged other economies might canada goose outlet usa take the inflation route.

Economists have said the United States and Britain may accept higher inflation to cope with their debt mountains, leaving the euro zone out of step with a tight monetary policy.

cheap Canada Goose additional reporting by Marcin Grajewski in Brussels, Pratima Desai and canada goose outlet washington dc Jan Harvey in London, Boris Groendahl in Vienna, Crispian Balmer and Sudip Kar Gupta in Paris, Axel Bugge, Nigel Davies and Elisabeth O’Leary in Madrid; writing by Paul Taylor, editing by Mark Heinrich cheap Canada Goose.