Spend, Spend, Spend, as monetary restrictions suspended

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Former IMF chief Christine Lagarde with Kristalina Georgieva
Former IMF chief Christine Lagarde with Kristalina Georgieva Credit: IMF Staff Photo/Stephen Jaffe flickr

IN 2011, regulations concerning deficit and debt ceilings were added to the Spanish Constitution due to the problems with the economic crisis but now these have been suspended by the Spanish Parliament.

By abstaining from the vote on October 20, the Partido Popular allowed the minority government ignore deficit targets for two years and to borrow without restriction in order to combat he coronavirus pandemic.

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Prior to this, the Head of the International Monetary Fund (IMF) Kristalina Georgieva effectively encouraged unlimited spending whilst the global problems continued.

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