Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Senate Approves Constitutional Reform

Wed 7th Sep 2011

Spain's upper house of Parliament - the Senate - voted in favour of a constitutional reform earlier today which will ensure budget deficit control to restore market confidence in the country's economic stability.

There was significant support from the ruling PSOE Socialists and the PP opposition, which reached the 60% required in order to approve the bill.

The resolution will go now return to lower house of parliament - congress - where it is expected to be voted on Thursday on its final form. This amendment to constitution, which is due to become operational in 2020, dictates that deficit in general budget can not exceed 0.4% of GDP except in times of natural disaster, recession, or extraordinary emergencies - and even then only with special parliamentary approval.

The constitutional reform intends to reassure markets with regards to Spain's debt-heavy public finances and the country's economic stability and ability to whether the financial storm over the coming months.

The reform was unanimously approved by congress last week with as the PSOE and PP Parties overruled the smaller and regional parties who were united in calling for a referendum.

Comment on this Story

Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs