The proposed provision in the state budget, which still faces debate and a vote by the Legislature, would allow the governor to move money "for the purpose of planning, developing and/or implementing the consolidation of administration, business services, procurement, information technology and/or other functions shared among agencies".
"Greece is threatening not to implement the reform and consolidation measures that were agreed in return for the large-scale aid programmes," the Bundesbank said.
Later this month, the governor's task force is expected to begin meeting to decide how to implement the recommendations as well as come up with cost estimates and specific steps to move the consolidation along.
The draft law on land consolidation introduces land consolidation in Ukraine in both a voluntary and majority-based approach, where a majority of participants can decide to implement the project even if a minority are not in agreement.
The costs of implementing the regulations could accelerate consolidation in the world's second largest mobile market by subscribers, after China.
"Until we see signs that the government is implementing the medium-term fiscal consolidation programme and signs of life in the Spanish economy, investors are going to worry about the trajectory of the debt-to-GDP ratio in the medium-term," said Nick Stamenkovic, bond strategist at RIA Capital Markets.
A better policy is to implement fiscal consolidation when the economy is strong.
"If you like, it is a bit of a self-inflicted goal in terms of the damage done to real take-home pay, perhaps another way of trying to implement fiscal consolidation through moving up the price level," he said.
Fitch said that Portugal's austerity measures, passed last month in an attempt to cut its budget deficit, were "credible," but the government would need "to implement sizable consolidation measures from next year".
