We already went through that

News item, August 23, 20111

Spain will reform its constitution to limit the budget deficit and the level of public debt under a law proposed by José Luis Rodríguez Zapatero, the Socialist prime minister, and supported by the rightwing opposition.

Nobody seems to remember that we had a stipulation in the original Maastricht Treaty [Feb. 2, 1992] limiting national budget deficits and France and Germany were the first ones to ask for the remission of the proviso — temporarily, that is. 

Oh those naughty North European spendthrifts!


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