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Live Webcast From Spain Press Conference On 2013 Austerity Budget

Tyler Durden's picture


Today's prime-time event is about to begin. In a few moments (pending further delays) Mariano Rajoy will begin listing the terms of his 2013 Austerity Budget which is expected to delineate the cuts, and further austerity measures (which so far have been non-existent - recall that Y/Y Spain has seen its tax revenues slide by nearly 5% while spending has increased by almost 9%) which will be a precursor to the Spanish bailout, that Spain has less and less time to enact before it runs out of cash. This could possibly lead to further violent outbursts among the throw of protesters which has once again surrounded parliament, as happened on Tuesday, depending on the resolve of the protesters.

Earlier from Bloomberg:

Ministers will explain how Rajoy plans to meet his commitment to cut the deficit by at least 18 billion euros ($23.2 billion) next year, defying tens of thousands of demonstrators who fought with police in Madrid this week. They called for the premier to reverse his budget-cutting drive and resign. Rajoy told a conference in New York yesterday that the “immense majority” of Spaniards aren’t on the street and he still has three years to overhaul the economy.


“Rajoy is likely to face a very tough end of year in terms of social discontent,” said Antonio Barroso, a political analyst at Eurasia Group in London and a former Spanish government pollster. “Protests are likely to continue in the future, and the overall degree of mobilization could increase if trade unions decide to call for a general strike.”

Follow the live webcast below.

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Thu, 09/27/2012 - 11:12 | 2835457 Stuck on Zero
Stuck on Zero's picture

Austerity?  When a government stops pillaging the private sector they call that "austerity?"


Thu, 09/27/2012 - 11:15 | 2835464 Dalago
Dalago's picture

Appreciating the private sector and maintaining the potential of the individual by rolling back the state is "austerity".  It should be called Liberation.

Thu, 09/27/2012 - 11:22 | 2835480 BaBaBouy
BaBaBouy's picture

Spain PLAN A: Starve The People.

Spain PLAN B: Starve The People.

Spain PLAN C: Starve The People...

Thu, 09/27/2012 - 11:24 | 2835505 NooooB
NooooB's picture

They sould try this!


Shit just got real mothafuckas...

I can't wait for the slap fight behind the gym!

Thu, 09/27/2012 - 11:28 | 2835519 NooooB
NooooB's picture

This is some classy shit y'all...


Thu, 09/27/2012 - 11:46 | 2835571 Nothing To See Here
Nothing To See Here's picture

I foresee Rajoy being used as a pinâta in the market square on New Year's Eve...

Thu, 09/27/2012 - 11:51 | 2835593 N. B. Forrest
N. B. Forrest's picture

That looks good on a comment board, but I think you need to check your premise.


Is it the job of the government to feed the people?  If the people are counting on the government to feed them they deserve to starve.


The Spanish government just needs to get out of the way.  As they say in medicine, first do no harm. 

Thu, 09/27/2012 - 11:15 | 2835465 RSBriggs
RSBriggs's picture

No the amount of austerity is the amount by which they INCREASE the pillaging of the private sector.

Thu, 09/27/2012 - 11:21 | 2835492 CommunityStandard
CommunityStandard's picture

I would think a decrease in entitlements = a decrease in pillaging.

Thu, 09/27/2012 - 11:27 | 2835511 i-dog
i-dog's picture

A decrease in entitlements in parallel with a 9% increase in government spending is a very obvious increase in pillaging. (Hint: the people are still on the hook for the increased deficit).

Thu, 09/27/2012 - 11:53 | 2835601 N. B. Forrest
N. B. Forrest's picture

They're not on the hook if they refuse to pay it. 

Thu, 09/27/2012 - 11:28 | 2835517 RSBriggs
RSBriggs's picture

A decrease in the entitlements for whom, exactly?  And does this include big banker bonuses?  Thought not....

And increasing taxes is not a decrease in pillaging, either.  Austerity is only for, and imposed on, "the little people".

Wake me up when Rajoy, all the other politicians, and their banker buddies agree to take a 60% pay-cut and scale back THEIR retirement acounts.

Thu, 09/27/2012 - 11:20 | 2835487 Killtruck
Killtruck's picture

The roof, the roof, the roof is on FIRE...

Thu, 09/27/2012 - 11:16 | 2835470 RSloane
RSloane's picture

Holy buffering, Batman!

This is the stupidity of enforcing austerity on a population that has close to 20% unemployment, and much higher unemployment numbers for their younger labor force. How do people who have nothing left to give, give up more of nothing?



Thu, 09/27/2012 - 11:19 | 2835482 RSBriggs
RSBriggs's picture

They don't.  And people with nothing left to lose are extremely dangerous to the power that be.

Thu, 09/27/2012 - 11:27 | 2835515 RSloane
RSloane's picture

They should be dangerous to TPTB. I don't know if you watched the feed, but its like TPTB are talking about an economy that doesn't exist. You're 24, haven't worked in three years, have no prospects for future employment, are going through trash cans to feed your kids, and some swollen beaurocrat who obviously hasn't missed a meal in decades says "everyone has to share in the sacrifice." Why? Why does everyone have to share in the sacrifice? The 24 yr old did nothing, absolutely nothing, to bring about the ruin that is Spain. I hope they tear down the parliment building, stone by stone, until TPTB realize they're the ones now with nothing left to lose. God, this crap makes me so angry. I should be used to it, but I'm not.

Thu, 09/27/2012 - 11:30 | 2835526 the not so migh...
the not so mighty maximiza's picture

Wow I just wanted to stand up and salute something after reading that.

Thu, 09/27/2012 - 11:36 | 2835538 Dr. Engali
Dr. Engali's picture

Hey I want to clear something up from yesterday on the Ahmadinejad link. When you responded to my comment you said " I have no idea what you are talking about". The reason was because I had attached my repy to somebody else's comment to yours accidentally. Sorry about the confusion.

Thu, 09/27/2012 - 11:44 | 2835568 RSloane
RSloane's picture

Hey Doc, not a problem. I've done that as well.

Thu, 09/27/2012 - 11:59 | 2835621 Chump
Chump's picture

Don't worry, it's coming.


(Man I love that picture.  "Look at all the fucks I give, Mr. Riot Police!)

They can't pay off the police forever, and raiding pension funds and social security accounts to pay for more meetings to plan for other meetings to make a plan for future planning purposes isn't going to please even the most devoted jackbooted thug. 

Thu, 09/27/2012 - 17:01 | 2836758 Darth Rayne
Darth Rayne's picture

Oh dear. I am a bad person. I too enjoyed the picture. However, no violence is required.

Use gold and silver for money. Let the Government and bankers play with their monopoly 'money'. If a politician even looks at your gold and silver, then hit him with a stick. Bankers know gold and silver isn't money, they won't be interested. But if you do see one, hit him with a stick.

I can't believe I am recommending violence. I am a bad person.

Luckily I am not overly concerned or I would be testing the 1000 bullets theory. To be honest, 6 bullets should suffice.

We will tolerate this shit for as long as we are able. Then we won't. It is that simple.

Thu, 09/27/2012 - 11:46 | 2835572 neptunium
neptunium's picture

They should start taxing sunlight, for too long the people of Spain have wallowed in ever-abundant sun without paying for it : (  

Thu, 09/27/2012 - 11:52 | 2835597 Chump
Chump's picture

Great, giving them ideas now are we?  Pretty soon they'll be taxing air, coming in and going out!  Oh wait...

Thu, 09/27/2012 - 12:03 | 2835629 neptunium
neptunium's picture

Nothing, and I repeat nothing is more important to the eurocrats than the survival and advancement of their pet project, if a few hundred million people are forced into penury for the next decade or two, or even for ever...

They (but especially Barroso) are a plague of bureaucratic scum that I very much hope we will see swinging the very same hubristic monuments to the EU from which they have so far directed their ruinous folly. 

I thought Greece might be the catalyst for their final downfall but it looks increasingly like that job will be performed by the Spaniards. And if not now, this can hardly be sustained for much longer (I hope).  


Thu, 09/27/2012 - 12:08 | 2835642 Chump
Chump's picture

I hope you're right.  My fear as always is that while the house of cards crumbles, we will kill each other instead of standing shoulder to shoulder and finding some bureaucrats to...well...use your imagination.  You seem to have some good ideas already.

Thu, 09/27/2012 - 11:16 | 2835471 azzhatter
azzhatter's picture

will he announce the bankster austerity packages?

Thu, 09/27/2012 - 11:23 | 2835473 RSBriggs
RSBriggs's picture

Until you start to see protestors in bicycle/motorcycle helmets carrying baseball bats/molotov cocktials, it won't amount to anything.

Thu, 09/27/2012 - 11:18 | 2835477 bank guy in Brussels
bank guy in Brussels's picture

Ambrose Evans-Pritchard suggests in the UK Telegraph, that due to the betrayal of Spain by the super-mini-troika of Germany, Finland and the Netherlands, reneging on their earlier agreement ...

That Rajoy and Spain might as well 'pull the pin', detonate the bomb, and leave the euro now

Superb article


Thu, 09/27/2012 - 11:33 | 2835531 i-dog
i-dog's picture

The sooner that the European nation states and the US sovereign states secede from their respective central politburos, the sooner we can take control of the collapse and the direction that the Ordo ab Chao aftermath takes.

Otherwise, the globalists dictate the fall and the terms of an unconscionable aftermath.

Thu, 09/27/2012 - 11:18 | 2835478 Debtonation
Debtonation's picture

We should establish a Troika to illegitimately take over the government, ensure the bond holders get paid and solve the debt with more debt.  Don't worry about the skyrocketing unemployment, suicides or riots they are clearly a good thing.

Thu, 09/27/2012 - 11:21 | 2835493 RSBriggs
RSBriggs's picture

Oh.  Wait.....

Thu, 09/27/2012 - 11:19 | 2835483 dadichris
dadichris's picture

Via con dios bitchez

Thu, 09/27/2012 - 11:21 | 2835488 Bam_Man
Bam_Man's picture

I heard somewhere on the radio (NPR probably) yesterday that Rajoy and his entourage of 4 or 5 ministers billed the Spanish State for $1,200 in beverages consumed on a flight to a recent summit.

WTF? If not for "austerity", it would have been $2,000?

Thu, 09/27/2012 - 11:33 | 2835530 ebworthen
ebworthen's picture

They're doing God's work, which obviously needs liquor for lubrication.

Thu, 09/27/2012 - 11:20 | 2835490 Mr Lennon Hendrix
Mr Lennon Hendrix's picture


Thu, 09/27/2012 - 11:28 | 2835520 fuu
fuu's picture

CHOOMBERG is an instant classic.

Thu, 09/27/2012 - 11:22 | 2835497 ebworthen
ebworthen's picture


"We will not cut pensions, however, we will begin collecting your first born to make Soylent Green."

Thu, 09/27/2012 - 11:22 | 2835498 djsmps
djsmps's picture

Headline alert on CNMC right now:

  • Notice to CNBC.com Readers: Stock Quotes on Site Are Currently Showing Wrong Price Changes...We Are Working to Correct Situation
  • Thu, 09/27/2012 - 11:24 | 2835501 ebworthen
    ebworthen's picture

    Gee, their ads seem to be loading just fine (?).

    Thu, 09/27/2012 - 11:28 | 2835521 foodstampbarry
    foodstampbarry's picture

    Pay me not to work! All hail the Euro!

    Thu, 09/27/2012 - 11:29 | 2835523 youngman
    youngman's picture

    Bob Pissonme on CNBC was just in Spain for two weeks.....he said he had to pay cash for his house rental...the owner only wanted cash...no check or creditcard...cash..under the table.... non taxable cash....lol...they deserve everything they are getting....faith...the faith is long gone....

    Thu, 09/27/2012 - 11:30 | 2835525 q99x2
    q99x2's picture

    Looks like they rented a HoJo's. Notice they don't feel compelled to translate to English unless that one doing the monkey shines in the corner is sporting English on the sly. 10 to 1 banksters decision to turn Spain into a Greek wasteland wins approval.

    Thu, 09/27/2012 - 11:30 | 2835527 Dr. Engali
    Dr. Engali's picture

    I'm voting for Obama because he gave me a phone:



    Thu, 09/27/2012 - 11:41 | 2835556 foodstampbarry
    foodstampbarry's picture

    Attention Liberals: This is what you look like to us.

    Thanks Dr.

    Thu, 09/27/2012 - 11:44 | 2835569 semperfi
    semperfi's picture

    Liberals are dumb-fucks.

    Thu, 09/27/2012 - 11:46 | 2835570 Debtonation
    Debtonation's picture

    Goodbye America. :(

    Thu, 09/27/2012 - 11:32 | 2835529 orangedrinkandchips
    orangedrinkandchips's picture



    LOL....beuna suerte suckas!

    Thu, 09/27/2012 - 11:41 | 2835555 NaiLib
    NaiLib's picture

    Living the Dream: Unch GDP in Spanin 2013....How on earth did they come to that conclusion? Knowledge in math seems to be degrading everywhere these days.

    Thu, 09/27/2012 - 12:03 | 2835560 semperfi
    semperfi's picture

    "violent outbursts among the throw of protesters"

    This is the ONLY way that the insanity will be ended.  This is the only and final act that will end the fiat monetary & financial systems.   Everything else is meaningless.

    Thu, 09/27/2012 - 12:00 | 2835623 ultraticum
    ultraticum's picture

    Is it just me, or is the lady translating the live video feed to sign language at the bottom right of the video feed a sign of how/why things are so FUBAR?  The PC Euro-trash State Mandarins in action saving the world.

    A little off topic, but this reminded me of the greatest traveller the world has ever known, James Holman, who was totally blind with many other physical ailments.  He circumnavigated the world and explored, on foot in many cases, Africa, India, Asia, Europe, and the Americas.  In the early 1800s.  With no money.

    "Some difficulties meet, full many

    I find them not, no seek for any."

    Do NOT follow this link or you will be banned from the site!