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- Spain has been facing mounting political turmoil.
- That comes against a backdrop of a slowing economy.
- A slowdown, however, doesn't necessarily mean the economy is doing badly.
The next few weeks promise to be stressful for Pedro Sánchez, the Socialist leader of the minority government, as his government will be confronted with a number of thorny issues.
In a few days, there will be a second parliamentary vote for the 2019 budget. At the end of June, parliament rejected the draft 2019 budget, which was the first serious blow for the minority government. Only 88 members of parliament (out of 350) voted in favour of the plan. The Spanish far-left party Podemos, which has 67 seats, did not support the draft budget as it wanted softer deficit targets. Sánchez, on the other hand, repeated the importance of fiscal discipline and to continue to pursue the deficit target of 2.2% of GDP. Finding a compromise will be difficult, and as the draft budget should be submitted to Brussels by 15 October, the pressure will rise.
See the rest of the story at Business Insider
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