Spain’s participation in the three programs bailout of Greece has a cost of 36,000 million euros, said Thursday the Spanish Minister of Economy and Competitiveness, Luis de Guindos.
Spain’s participation in the three programs bailout of Greece has a cost of 36,000 million euros, said Thursday the Spanish Minister of Economy and Competitiveness, Luis de Guindos.
Appearing before the Economic Committee of the Congress of Deputies, said that the agreement of July 12 fits the Spanish position in the recent negotiations, and warned of challenges ahead to implement the third rescue.
First of parliamentarians from different backgrounds, recalled that in 2010 with the first rescue Spain provided bilaterally to Greece 6,700 million, at rates that are disadvantageous to the Spanish finances, carry potential losses 1,500 million euros.
In 2012, Spain provided guarantees for more than 17,000 million euros, and the third program will provide 12% of the total, equivalent to 10,000 million euros, bringing the total exposure Spanish to 36,000 million euros.
supported the initiative announced last week by President Mariano Rajoy week to submit this helps the vote of the Congress of Deputies (even if no legal obligation) due to “the size of the volume of money and political significance “of the matter.
said there are challenges and risks to implement the third program to Greece, such as the application schemas clash with the” complex political situation “government Greek; the participation of the International Monetary Fund, and the absence of nominal remove Greek debt
“It (the management of the current Greek government) clear paradigm of how damaging the economy in a short time.; in nine months has gone from an incipient recovery into a deep recession, “he said.
Also, he added that happened at this time” of distrust to the need for a third rescue with a higher volume of a few months ago. “
De Guindos said that throughout this Spain has acted as a serious partner that fulfills its commitments, has shown solidarity and will not turn his back on anyone.
“But I think that the greatest contribution is that he has shown that with proper economic policy can go from being a hindrance to be the fastest growing country in the euro zone; Spain has it taken a historic turn their strategy for economic and financial policy, “said
He clarified that Spain.” Has left behind the recession but the crisis, although the final is within reach “and therefore more important not to err in his recipe for economic policy reforms and implementation of already approved measures.
“The well-being depends on the continuation of these reforms. We must not get carried away either by siren songs nor shortcuts that do not exist, nor the perception that everything is done, “he said.
He added that therefore at this time the main enemies of the Spanish economy “is the conformity and demagoguery.”
ERP
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