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November 2, 2021
The government's request to delegate legislative powers on tax matters has generated controversy. The proposed proposals are far from being a comprehensive reform that allows for the equitable and efficient distribution of the effort that we must make as a society to bear the costs of the pandemic.
July 24, 2020
Although the capacity to pay, as expressed by the debt-to-GDP ratios, does not seem unsustainable, the government should promote fiscal consolidation in order to prevent the debt from continuing to increase after 2022, ensuring sustainability in the medium term and the preservation of the Investor Grade.
January 30, 2015
The combination of weak revenues and robust expenditure generated a significant worsening of fiscal accounts last year: the primary result was negative for the first time ever (-0.6% of GDP), the total deficit reached more than 6.0% of GDP and the gross public debt increased more than 6 p.p. to 63.4% of GDP. The 2014 fiscal deterioration makes the ongoing adjustment in public accounts more indispensable and also more painful in terms of its short-term impact on economic activity. In spite of the worst-than-expected starting point, we expect the recently announced fiscal goals (1.2% of GDP primary surplus in 2015 and 2.0% in 2016 and 2017) to be fulfilled, preventing a further deterioration of public accounts ahead.
