There is an explanation behind Mariano Rajoy's announcement in the Debate on the State of the Nation that the 2012 deficit will be below 7%. The President of the Government knew, in advance, that the rating agencies Moody's and Standard & Poors were pending these days on that figure to decide Spain's rating. The representative of Spain in the European rating agency that will replace Moody's and Standard & Poors will be Axesor: it will receive EU approval and will be operational in Moody's, Standard & Poors and Fitch identify the three serious threats to the Spanish economy: banks, social conflict and the autonomous model sources, Rajoy took into account that the rating agencies , especially Moody's and Standard & Poors, were awaiting this crucial data to decide on Spain's rating.
Nor did he overlook that his speech in Congress, which encompassed the complete results of his first year in office, was going to be carefully analyzed by rating agencies and investors. For this reason, according to the sources consulted, he considered sending a message to Moody's (Baa3) and Standard & Poors (BBB-) , which place, for Middle East Mobile Number List the moment, Spain's credit risk just above the red line of the 'junk bond'. '. Doubts about the deficit or a scenario of excessive deviation (close to 8%) could lead to a reduction to the non-investment grade . Of less concern was the case of Fitch (BBB) , which still maintains its rating one step higher than Moody's and Standard & Poors . The President of the Government, Mariano Rajoy, announced in the State of the Nation Debate that the public deficit closed 2012 below 7% of GDP, compared to the 6.3% committed to Brussels.
He assured that the reduction of the public deficit has been above the 16,500 million euros to which he committed in the investiture debate, and has ended up exceeding 21,000 million euros (around two percentage points of GDP). Given that in 2011 the public administration deficit ended at 8.9%, the 2012 deficit would have ended at around 6.9% . This will, therefore, be the legal basis that the Government will use to justify the intervention and the imposition of arbitration , if, at that time, an agreement has not been reached between both parties. In this way, it would also achieve its objective of preventing a strike in the middle of Holy Week. Gregorio Tudela will mediate the conflict The management of Iberia and the unions have reached an agreement for the professor of Private, Social and Economic Law at the Autonomous University of Madrid (UAM) Gregorio Tudela to be a mediator in the open conflict at the airline.