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People could not meet their fiscal obligations".
Mr. Rajoy was also praised for toughening the penalties on regional governments that failed to meet their fiscal targets.
First, it assumes that Greece and other hard-hit members of the euro zone could meet their fiscal targets if only they tried harder to do so.
Mr. Wallis, who helped to organize the letter from the religious leaders, said he hoped it would convince the president and the lawmakers to consider how to meet their fiscal obligations without hurting the people who need government the most.
One of the decrees approved Monday grants the Finance Ministry greater powers to oversee other ministries and calls for the appointment of inspectors to monitor spending at departments that fail to meet their fiscal targets for two consecutive quarters.
Adding to the uncertainty has been tough talk from Chancellor Angela Merkel of Germany that bondholders take a loss on their sovereign holdings, a round of rhetoric that has accompanied attempts by Germany to install new rules and sanctions to ensure that nations that use the euro meet their fiscal benchmarks.
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In fact, meeting their fiscal targets will be a big challenge especially if productivity growth does not pick up.George Osborne, the chancellor of the exchequer, must work out how to extract about 7% from departmental budgets.
It's a no brainer, those institutions with small endowments have fewer options for meeting their fiscal needs than those with large endowments.
Governments must meet their commitments to fiscal reform to benefit from the programme.
"Specifically, is the euro zone's leadership delivering the broad-based economic recovery that is needed to give stressed countries like Greece a reasonable chance to meet their growth, employment, and fiscal objectives?" .
With the average deficit now lower by more than 4 percentage points of GDP compared to the height of the crisis, most advanced economies are well on their way to meeting their medium-term fiscal objectives of bringing their public debt ratio down to more comfortable levels.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com