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IMF approves Spain's bid for economic stability

Wed 6th Oct 2010

The International Monetary Fund's (IMF) Financial Counsellor and Director of the Monetary and Capital Markets Department, has reported how Spain is not just doing well, but "very well" with regards to financial stability, and that whilst the principal goal is still to be achieved, the restructuring of the savings banks is "going ahead at a good speed".

Earlier today in Washington, Director José Viñals presented his report on 'Global financial Stability', stating that "In the area of finance, Spain is doing its homework as well as possible". He went on to say how this is a "substantial reform" and a "process that will take some time".

Commenting on the requirement for smaller Cajas to either cease trading or merge in order to become viable, the Director commented that "since the system is undergoing some surgery, it is important that the cuts go deep enough" something that he confirmed was actually taking place.

"You could say that Spain has grabbed the bull by the horns and is not just making a good job, but a very good job of achieving financial stability" added the former deputy governor of the Bank of Spain.

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