The head of the Eurogroup urges Spain to check out best estimates of its budget – Investing.com Spain

LUXEMBOURG (Reuters) – Spain should be careful with the numbers that you put in the draft of its budget for 2017 as the quality of their estimates in the past has been poor, said Monday the head of the finance ministers of the euro zone, Jeroen Dijsselbloem.

Spain, which has a functioning government after two elections in December and June, whose outcome has not been conclusive, you must submit the 15 of October the draft budget for 2017 to the Commission for this, check if it is in line with the laws of the community.

In July, the country narrowly escaped being fined for exceeding the limit of deficit for several years, and not to carry out actions to reduce it, as required by the european legislation.

Without Government, Madrid can only send you a budget without changes in economic policy. But in a direct criticism, and unusual to a government specifically, Dijsselbloem said that Madrid should be more attentive to their assumptions macroeconomic.

“I would like to make a point critical of this (…) in the last two years there have been a number of discussions between Spain and the Commission on the quality of the numbers,” said Dijsselbloem at a press conference.

“And every time it has been shown that the Commission was right. So I would like that the Spanish Government should analyse really the figures and estimates before putting them in the budget,” he said, adding that this was true for all governments, but for Spain in particular.

Spain has until 2018 to reduce its budget deficit below the EU limit of 3 percent of GDP from 3.9 that it is expected for this year and 5.1 percent in 2015. The Commission has envisaged in April that, without policy changes, the deficit of 2017 would be 3.1 percent.

“it Is expected that the 3.1 per cent is the figure (…) but we know which is the current political situation in Spain, we expect the draft budget without changes in economic policy because it is a functioning government,” said the European Commissioner for economic and monetary affairs, Pierre Moscovici.

“as soon as there is government with full powers, we look forward to a draft that contains all the measures needed to achieve the goal of 3.1 percent.”

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