Spain risks firestorm over pensions in an effort to impress the markets

first_img Share Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald whatsapp THE Spanish government’s desperation to calm financial markets means it will risk a political firestorm to impose new pension rules that may not even help its budget for at least a decade.Urged by Brussels and economists, the cabinet is bringing forward the reform, which raises the retirement age — aiming to show it making the hard choices needed to secure public finances and deal with an ageing population in the long-term. The cabinet has already passed a record austere budget and taken tough steps to rationalise its small banks. Over the past week it has also rushed out other measures including state selloffs to ease its cashflow issues. The pensions reform, however, is about convincing investors of its commitment to structural change; savings built up over the last decade mean it will have no impact before 2015 and bring only gradual benefits in the years that follow. That deals with none of the issues of banking, local government spending and growth which have driven a bond market sell-off that shows little sign of abating after engulfing Ireland and Greece.Yet Prime Minister Jose Luis Rodriguez Zapatero last week pulled forward his target for passing the legislation to January from an initial end-March deadline. Madrid’s cost of borrowing continued to rise yesterday – reaching 5.47 per cent on its 10-year bonds – close to levels which drove Greece and Ireland to the IMF. Spain risks firestorm over pensions in an effort to impress the markets center_img KCS-content Monday 13 December 2010 8:42 pm whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Show Comments ▼last_img