IMF Staff Country Reports

Spain: Staff Report for the 2012 Article IV Consultation

Publication Date:

July 27, 2012

Electronic Access:

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Summary:

The Spanish economy suffered an unprecedented double-dip recession with the rising unemployment and public debt situation. Spain also suffered a reversal of private external financing flows in 2011 and 2012. To counter this situation, major policy actions have been taken in the banking sector. The fiscal framework has been improved, and a scheme for clearing subnational arrears has been established. The Executive Board emphasized the need for sustained efforts and a medium-term strategy for structural reforms and financial sector restructuring.

Series:

Country Report No. 2012/202

Subject:

Banking Employment Fiscal consolidation Labor Labor markets Public debt Wages