Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Zapatero : "Spain on the verge of beating recession"

Thu 11th Feb 2010

The president of the Spanish government, José Luis Rodríguez Zapatero, claimed this morning that Spain "is on the verge of leaving the recession behind" and accused the leader of the opposition PP party, Mariano Rajoy, of "exaggerating" and "creating alarm" over the economic situation.

Zapatero reiterated that the worldwide economy was going through the deepest recession for over 80 years, saying that members of the opposition "are well aware of this, but choose to ignore it". He added that the majority of developed countries were now emerging from the recession and that Spain was "on the verge" of doing the same.

By means of reply, the leader of the opposition reminded Zapatero that "according to his own words" employment creation is the thermometer of a country's emergence from a recession, after which he accused the leader of the government of "doing nothing", of being "urged on" by the markets and of making statements that "have generated alarm and uncertainty".

Furthermore, Rajoy described the latest economic figures to be released as "worrying", highlighting in particular the seven consecutive quarters that Spain has been in recession, the lack of credit, the public debt, which has reach 11.4% of the GDP and the four million people now unemployed in the country.

Zapatero responded by saying that the destruction of the employment market was the most serious effect of the recession, but insisted that those who were out of work "have never had such a high level of protection" as they have now, thanks to "the government's solidarity".

The leader of the government said that a "joint effort" on the part of everyone was now needed to reduce public debt, to which Rajoy responded that the government's credibility had been "destroyed" and urged Zapatero to put together a credible economic plan, which set priorities to reduce public debt.

Comment on this Story

Be the first to comment on this Story !!

Recommended Items