The Spanish rebellion has begun, sooner and more dramatically than I expected.If the fiscal compact is a dead letter, whereto now for the austerity advocates?
As many readers will already have seen, Premier Mariano Rajoy has refused point blank to comply with the austerity demands of the European Commission and the European Council (hijacked by Merkozy).
Taking what he called a "sovereign decision", he simply announced that he intends to ignore the EU deficit target of 4.4pc of GDP for this year, setting his own target of 5.8pc instead (down from 8.5pc in 2011).
06 March 2012
That's torn it
The ink is barely dry on the Eurozone's fiscal compact, designed to impose budgetary discipline on the unruly Mediterranean mob. But, already, the peasants are revolting. The Telegraph reports: