Financing the Spanish public administration in 2013
Fecha: enero 2013
Autores: José Manuel Amor, Miguel Arregui, César Cantalapiedra
Etiquetas: Consolidación fiscal, Financiación pública, Financiación de las comunidades autónomas
Spanish and International Economic & Financial Otlook, SEFO, V. 2 N.º 1
The financing of the public administration in 2012 presented a mixed picture. The state managed to successfully meet its funding needs without incurring higher costs than in previous years, partly due to a reduction in the average life of outstanding debt. Regional governments faced significant difficulties, thus forcing the state to set up extraordinary funding mechanisms that will, however, very likely end up becoming permanent for many regions, at least for as long as the present financial situation persists. Local authorities have made a substantial fiscal adjustment effort in 2012, which will allow them greater room for maneuver in funding for 2013. Nevertheless, any return to capital markets seems unlikely under present conditions.