Eurozone Screws Spain’s Citizens « naked capitalism

Eurozone Screws Spain’s Citizens « naked capitalism

Extracts:
"Regarding structural reforms, the Spanish authorities are committed to implement the country-specific recommendations in the context of the European Semester. These reforms aim at correcting macroeconomic imbalances, as identified in the in-depth review under the Macroeconomic Imbalance Procedure (MIP). In particular, these recommendations invite Spain to:
1) introduce a taxation system consistent with the fiscal consolidation efforts and more supportive to growth,
2) ensure less tax-induced bias towards indebtedness and home- ownership,
3) implement the labour market reforms,
4) take additional measures to increase the effectiveness of active labour market policies,
5) take additional measures to open up professional services, reduce delays in obtaining business licences, and eliminate barriers to doing business,
6) complete the electricity and gas interconnections with neighbouring countries, and address the electricity tariff deficit in a comprehensive way."

 "...The European Commission, in liaison with the ECB and EBA, will verify at regular intervals that the policy conditions attached to the financial assistance are fulfilled, through missions and regular reporting by the Spanish authorities, on a quarterly basis."
....
"Not only are many billions of Euros of their assets about to be bailed into banks, but it appears that they will still be holding the can after the fact."