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IMF, European Union line up to heap praise on Spain · ELPAÍS.com in English
Spain earned plaudits from economic leaders of the European Union and the International Monetary Fund (IMF) during an Ecofin summit held this weekend in Gödölló, Hungary. Support for Spanish policies came from the head of the European Central Bank, Jean-Claude Trichet; Germany's Finance Minister Wolfgang Schäuble and the IMF's number two, John Lipsky, who joined the meeting.

...

Spanish Economy Minister Elena Salgado said that IMF representative John Lipsky "began his address by saying that in the last six months, the most important and most positive news has come out of Spain."

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The German finance minister said that both he and the markets believe "Spain is in good shape."



Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Apr 11th, 2011 at 10:20:44 AM EST
But they came not to praise Spain, but to bury her? Praise Spain best by saving Portugal. Methinks much of the praise is prayer that Spain will bail out Spanish banks with loans to Portugal which, in turn have sold bonds to German and French banks.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Apr 11th, 2011 at 12:10:15 PM EST
[ Parent ]
Spain to contribute 5 billion to Portuguese rescue package
The 5 billion Spanish contribution to Portugal compares to the 2.6 billion for Ireland and 10 billion for Greece. It's clear that Portugal will have to engage in a far tougher adjustment program than first envisaged.
Spain's contribution will be proportiaonal to GDP, not proportional to exposure to Portugal.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Apr 11th, 2011 at 12:25:14 PM EST
[ Parent ]
But, if Portugal does not agree to the "help", would Spain bail out her own damaged banks? If not, the contagion could stop there -- for Spain at least.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Apr 11th, 2011 at 12:38:05 PM EST
[ Parent ]
When are these flunkies gonna realise that if the IMF is praising you it means you're doing it wrong.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Apr 11th, 2011 at 01:55:15 PM EST
[ Parent ]
Yeah, I once told an accountant that I had never been audited by the IRS. His response: "You're not trying hard enough!"

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Apr 11th, 2011 at 09:15:40 PM EST
[ Parent ]
Certainly not trying hard enough to ensure the proper care and feeding of the accounting profession.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Wed Apr 13th, 2011 at 02:29:31 PM EST
[ Parent ]
Could you please not talk about the IRS right now. Some of us still haven't started on their tax returns.... I decided to file the form for the 2-month extension, and just spent an hour trying to figure out what form it is - it turns out that there is no form, as the extension is automatic, but you have to attach a statement claiming the extension when you file the actual return.
by gk (gk) on Wed Apr 13th, 2011 at 02:37:15 PM EST
[ Parent ]
Did mine yesterday. Called my tax preparer in LA, an old grad school friend, told him it was ridiculous for me to go through all my 2010 records as I only had $600 in reported income, and I hadn't had to pay any income tax for several years. He reminded me that I did owe the tax on my $600 of 1099 income and ee had me send our SS statements, all interest income etc. He then found carry forward losses from previous years and an earned income credit so that I don't have to go through anything and get a $58 refund. I will have to pay him something, but it is well worth it for not having to do a week's worth of prep, as in the past. Eat your heart out!

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Apr 13th, 2011 at 03:52:09 PM EST
[ Parent ]
Bruce:
"the proper care and feeding of the accounting profession"

The person who told me that I wasn't trying hard enough was the accountant for the company for which I worked for 17 years. The four partners in that electronics contracting company all became multi-millionairs in the 20 year life of that corporation and part of that involved pushing the limits and exploiting the weaknesses of the tax codes. For that they had a very good accountant. One of the partners told me of meetings with California State tax officials in which these officials were tied in knots and unable to answer basic tax questions, as posed by the accountant. I suspect this is par for the course.

The company and partners might have paid the accountant more than they paid in taxes. And, from what I have gathered, if you get to the point where you need a tax lawyer, you effectively pay the lawyer's fees in leiu of taxes, if you have properly followed his advice and haven't been played by him. These are the reasons the tax code is as it is.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Apr 13th, 2011 at 05:19:06 PM EST
[ Parent ]

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