New conservative PM Mariano Rajoy has proposed a more painful $19.3bn package of tax increases and spending cuts...because overspending by Spain's 17 autonomous regions was worse than expected.
Spain will post a likely budget deficit of 8% of GDP... two percent more than the government’s target.
Now...finally... some of the regional governments may be willing to surrender financial responsibilities...because past, free spending excesses have badly hobbled them.