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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Stuck on Zero's picture

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


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.

BaBaBouy's picture

Spain PLAN A: Starve The People.

Spain PLAN B: Starve The People.

Spain PLAN C: Starve The People...

NooooB's picture

They sould try this!

Shit just got real mothafuckas...

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

Nothing To See Here's picture

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

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. 

RSBriggs's picture

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

CommunityStandard's picture

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

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).

N. B. Forrest's picture

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

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.

Killtruck's picture

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

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?



RSBriggs's picture

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

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.

the not so mighty maximiza's picture

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

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.

RSloane's picture

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

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. 

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.

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 : (  

Chump's picture

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

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).  


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.

azzhatter's picture

will he announce the bankster austerity packages?

RSBriggs's picture

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

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

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.

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.

dadichris's picture

Via con dios bitchez

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?

ebworthen's picture

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

Mr Lennon Hendrix's picture


fuu's picture

CHOOMBERG is an instant classic.

ebworthen's picture


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

djsmps's picture

Headline alert on CNMC right now:

  • Notice to Readers: Stock Quotes on Site Are Currently Showing Wrong Price Changes...We Are Working to Correct Situation
  • ebworthen's picture

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

    foodstampbarry's picture

    Pay me not to work! All hail the Euro!

    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 check or the table.... non taxable deserve everything they are faith is long gone....

    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.

    foodstampbarry's picture

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

    Thanks Dr.

    orangedrinkandchips's picture



    LOL....beuna suerte suckas!

    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.

    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.

    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."