New Report Available: Spain Food & Drink Report Q4 2014
We believe Spain's government will relax austerity as the 2015 parliamentary elections approach (see 'Reform Momentum On Hold Until, March 27), damaging perceptions of sovereign credit risk. This view appears to playing out, with the government recently agreeing to cut income taxes by an average of 12.5% by 2016, and corporate taxes from 30% to 25%. This could help relieve constrains over households' purse strings but our view remains that deleveraging still has some way to run, meaning that consumer...
View full press release