Legal Business

Spain: Up In The Air

With Spain wrestling a mammoth budget deficit, the former government initially decided to sell off certain prize assets. But after ditching the eagerly awaited partial privatisation of the country’s national lottery, LB asks if Spain’s top law firms are in the mood for celebrating.

On 12 October, Spain commemorated its Fiesta Nacional – the annual national public holiday marking Christopher Columbus’s 1492 arrival in the Americas. But with Spain’s economy still struggling there seems to be little to celebrate. The country is currently grappling with a budget deficit equal to 9.2% of GDP, which led to its former government deciding to sell off certain prize assets with a view to reducing the colossal debt.