ASSESSMENTS

Spain's Budget Fight Threatens Deficit Targets

May 21, 2012 | 10:01 GMT

Hundreds of people hold the Catalan flag during a July 2011 march in Catalonia, one of Spain's 17 autonomous regions

JOSEP LAGO/AFP/Getty Images

Summary

Madrid approved budgets for 16 of Spain's 17 autonomous regions May 17 but rejected Asturias' proposal. The Spanish region has just two weeks to present a new budget to avoid intervention by the central government.

Budget compromise between the central and regional governments will have long-term fiscal consequences for Spain....

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