The mathematician of the Complutense University of Madrid, José-Vidal Ruiz Varela, argues that Europe must raise its borrowing limit, leaving its deflationary policy.
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Spain delays full bank-audit report till September

MADRID (MarketWatch)
The deadline for a group of auditors to present full reports on the capital needs of Spain’s financial sector has been pushed to September from July 31, a Spanish central bank source said Tuesday

The move has been agreed with Spain’s government, the International Monetary Fund and the European Central Bank, as well as the auditing firms — Deloitte, KPMG, PricewaterhouseCoopers and Ernst & Young — themselves, this person added
The delay is intended to provide the auditors more time to complete their evaluations of the banks’ books and also responds to the fact that many Spanish companies and government institutions are only thinly staffed in August, a traditional holiday month when the cabinet and parliament rarely meet, this person said
Earlier Tuesday, the Spanish financial daily Expansion said the central bank had recently notified the auditors studying the books of the country’s banks about the changed deadline
The auditors are conducting the second phase of an external overview of Spain’s financial sector
Later this week, consultancies Oliver Wyman and Roland Berger are expected to present a preliminary estimate of capital needs for the entire sector expected by July 31 to come instead in September

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