More damaging, the analysts say, may be the short-term effect of having to import additional oil on Brazil's already precarious trade deficit.
Most worrying of all, Spain's prosperity is precarious: the current-account deficit is gaping, the economy is far too dependent on a boom in property and construction, inflation is rising and, locked inside the euro, Spanish industry is fast losing its competitiveness (see article).The economy clearly needs more deregulation, not the fostering of national champions that Mr Zapatero has espoused.
But that still leaves the level of GNP no higher than it was a year ago; and private investment continues to slump.Moreover, the state of the public finances has become so precarious, with the current deficit over 10% of GNP, that such fiscal stimuli are unsustainable.
Many were required to cut spending as their budget deficits became precarious.
But the Dragons responded calmly to their precarious position, with Jones kicking two penalties to reduce the deficit before patient approach play from forwards and backs alike allowed Smith to dart over from close range.
The routine of awake craniotomy may decrease postoperative neurologic deficits and allow for the extensive resection of tumor even in precarious areas of the brain.
Given the precarious nature of the hosts' lead and the visitors' need to overturn the one-goal deficit, it was unsurprising to see the game start with a flurry of chances at either end.
The commonality of the "blood, sweat and tears" strategy of deficit reduction gives some apparent plausibility to what is being imposed on more precarious countries like Greece or Portugal.
Government contracts, though, are always precarious, and more so at a time when the city and state both face budget deficits.
The company has experienced a string of deficits and declining box office earnings in recent years, and, Mr. Villella said, finances remain precarious.
