It’s Official: Spain Is Getting A Balanced Budget Amendment


Spain will get a balanced-budget amendment added to its constitution, after socialist Prime Minister José Luis Rodríguez Zapatero proposed such a measure today.

Members of opposition party Partido Popular — including PM candidate Mariano Rajoy — have already been calling for such an ammendment. Zapatero’s approval signals that such an ammendment will indeed be signed into law.

“I consider it feasible to reach this agreement of constitutional reform, and I invite both major political parties and others in the Congress to solidify this in a bill…that could be approved immediately,” Zapatero said, according to El Mundo.

While Spain is not the first country to pass a balanced-budget ammendment recently, the proposal may also be seen as a face-saving measure by the incumbent socialist party to regain support ahead of national elections in November.

PSOE’s PM frontrunner Alfredo Pérez Rubalcaba tweeted his approval of the measure today, saying that Zapatero convinced him to accept the “grand [bipartisan] agreement” last night. He had previously come out against such a law.