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But, seen from Brussels, the fiscal effort is still disappointing.
There is universal anger over creditor-treatment given previous fiscal effort; and an acceptance that the country is near-bankrupt".
Even so, it rolled over debt totalling a further 4.2% of GDP.How can Brazil make this huge fiscal effort while also meeting urgent social needs?
Mr Abbott's fiscal effort is a far cry from the average spending to GDP ratio of 24.1% under the Howard government.
An important potential obstacle was removed in November when Olli Rehn, the EU's economic commissioner, accepted that Spain was making sufficient fiscal effort and needed to take no further steps at present.
It has already made an extraordinary fiscal effort from a desperate starting-point: its primary budget balance (ie, before interest payments) improved by 8% of GDP between 2009 and 2011.
Similar(42)
And if Greece falters, it could drag other struggling euro-area members like Ireland down too, even if their fiscal efforts have been braver.
Japan's fiscal efforts don't call to mind a farmer getting his pump running so much as sailors frantically bailing out a leaky boat.
"I could add from those who really have and not from the middle class, which already bears a large part of the fiscal efforts of the country," Mr. Zapatero said.
"I have no intention of ceding that authority to the executive branch," said Daniel Inouye, the Democratic chairman of the Senate Appropriations Committee.Meanwhile, Congress's own fiscal efforts have produced one damp squib after another.
Greece's Finance Ministry said on Monday that S.& P.'s move overlooked the government's commitment to tough fiscal efforts to repair public finances and remain a member of the 17-member euro currency group, according to Reuters.
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