EU gives Madrid hardest time of all

“Brussels is imposing a larger cut on Spain than on Greece, Portugal and Ireland,” complains El País. The European Commission requires, in effect, that Madrid trim back its deficit from 8.5 percent to three percent of GDP in two years. This reduction is twice that demanded from Dublin and Lisbon – and higher than that required from Athens. According to El País -

There is no comparable adjustment in contemporary economic history [...] Spain is at a diabolical crossroads: the deficit, which has swollen, forces us to make cuts that will sicken the already ailing economy [...] If the deadline is not extended, experts say, Spain will be unable to meet its objectives.

A “snip of the scissors” of 55 billion euros through to the end of 2013 will start with the launch of the 2012 budget on Friday, March 30. El País suspects Spain is stepping onto a rocky road -

The recent disagreement between the Commission and Madrid and the outcry provoked in Spain by the austerity mantra of the most orthodox countries is making any easing off on the deficit targets all the more difficult.

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As El Mundo announces, the party of Angela Merkel intends to examine the reforms Spain has initiated, and on 2 April a delegation of parliamentarians from the CDU will travel to Madrid -

Altering Spain’s deficit target has raised suspicions in Germany and in Merkel's party [...] The goal of the visit is twofold: to ensure that after the general strike of March 29 the reform programme will not shed a single gramme, and to verify that the change in the objective of the deficit is not a ruse to gain time, but a sign the country is doing its utmost.