New president. New ideas? Will the action start?

Yesterday the new "elected" president of Spain spoke about his plans to implement drastic cuts in Spain's budget. More speaking! We shall see if any action follows. In fact, even if there is no action, the end of credit is nigh. They do not have an option. There is no money. For instance, Catalonia might not be able to pay all it's civil servants in December. And in January? Don't ask. Things work on a day to day basis in Spain. There might be a miracle! but don't hold your breath.

In the past 3 years government spending has increased on average 30% (no reductions there, despite the words of moderation and crisis).

The only thing that can be done at the moment is to sell more ouside Europe (a strong Euro would not help) and to get rid of the excessive civil service and corrupt politicians. Simple really.

Whatever is done, the next few months will see many changes in Spain, many unplanned and inevitable at this stage. Let them talk.