Strengthen the European Union, hoping to see a banking union by December, improve national accounts e continue with structural reforms. These are the guidelines of the economic policy announced by the Spanish prime minister Mariano Rajoy this afternoon. It is the first time that the Iberian premier has held a press conference subjecting himself to questions from journalists.
“Yesterday there was a very important change,” Rajoy said referring to the words of the president of the ECB Mario Draghi. "For the first time there was talk of interventions in the secondary market" and of "extraordinary measures" to restore stability to the markets but until I "know exactly what these moves consist of I will not make up my mind". Rajoy, however, no longer excludes asking for help from the State-saving Fund (EFSF), as Italian Prime Minister Mario Monti seemed to have suggested to him yesterday during his visit to Madrid. “Monti is governing very well,” Rajoy said, “. But everyone makes the decisions that he deems most appropriate. I will do what suits the general interest of the Spaniards”. The truth will be understood in September.
The prime minister listed the various reforms that have been implemented by the government in recent months to improve the competitiveness of the Spanish economy and improve public finances. “The biggest problem for our country”Rajoy said, “is that we owe a large amount and we have to repay these funds and, at the moment, it is very difficult for anyone to lend us or refinance the debts we have ”. Because of this “reducing the deficit is imperative” since in 2013 Spain will have to pay 8 billion euros more in interest and the debt is 900 billion euros. Secondly, the government's action will continue with structural reforms "which do not produce effects now but which will produce them in the future". Another important issue is the recovery of the financial system "with capital injections and bank restructuring".
