Things worse than we thought – government rises taxes, admits public deficit is 8% and makes public workers work harder

The new government of Spain has announced today, in its first round of emergency budget revisions after the recent general elections, that the real level of Spain’s public deficit is at 8% of GDP, not the 6% said by the outgoing socialists, and almost double the EU’s maximum limit. In a first emergency budget modification announced today, Rajoy’s government has rised personal income tax, ranging from an increase of just 0’75% for the lowest level Continue reading Things worse than we thought – government rises taxes, admits public deficit is 8% and makes public workers work harder