"...The big news here today is with government accounts. GDP is lower than expected, and revenue are down way more than expected (down 16.2% compared with a predicted drop of 12.8%).
Therefore, the government is looking at another few billion in borrowing this year and its schedule of deficit targets is thrown out of line.
Spain's budget is already tight after spending cuts and salary reductions, so the article suggests higher taxes might be need to get back on target..."
at http://globaleconomicanalysis.blogspot.com/2011/05/prepare-for-bailout-of-spain-spanish.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29
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