Spain’s €15bn austerity plan is flawed, warns leading economist

javier-diaz-gimenez — Javier Diaz-Gimenez, IESE Business School, Madrid

Alex Monro
20 May 2010

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Spain’s €15 billion austerity package, announced on May 12, may fail to alleviate the fiscal deficit because the government has “overestimated” growth rates and tax revenues, a leading Spanish economist has warned.

“The Spanish government forecast for growth, which is double the figure estimated by the IMF or EU, is very optimistic,” says Javier Diaz-Gimenez, professor of economics at IESE Business School in Madrid. “When you get that kind of forecast – and if you’re going to use that to design

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