Incentives for businesses and hiring, upgrading of pensions, abolition of midweek "bridges", restructuring of the financial sector. These are the pillars on which the action of the Spanish Government and of President Mariano Rajoy will rest, who has effectively replaced Zapatero from today. The goal is to put an end to the crisis as soon as possible, launching measures to support the economy and not just to restore public finances.
And so here it is companies and banks appear to be at the center of the manoeuvre. In favor of the former, the possibility of paying VAT only starting from the receipt of the invoice and not before. But also incentives of 3.000 euros and reductions (up to 100% for the first year) in social security contributions for companies that hire young people (unemployment for thirty-year-olds is approaching 40%).
In the case of banks, the issue to be resolved is that of toxic assets linked to real estate.
The idea is therefore to alienate this portfolio, transferring them to a publicly owned bank, which in turn issues bonds to be subscribed to credit institutions. Furthermore, favoring new mergers and recapitalizations in the credit system. Related to this action is the decision of significantly reduce taxes on the purchase of a first home, both VAT and income tax.
There will be then cuts in public administration, but above all an adjustment of pensions to inflation, starting from January 2012 and a remodulation to what was actually paid during the working period. Furthermore, except in exceptional cases, early retirement will be abolished.
In short, an all-round maneuver which, among other things, will abolish bridges and transfer midweek holidays to Mondays. Later it will be the turn of the modernization of justice, health care reform, the university and the energy sector. Although the watchword for the first year is growth, with added employment.
