Austerity, Reforms and Credibility

04/07/2010

Antonio Beteta: “In the Autonomous Community of Madrid we think austerity is essential; an austerity based on lowering taxes and constant reforms in the economic fabric”

“Spanish economy can only be addressed to reforms, that’s the road to prosperity”

Luis de Guindos: “The main problem of Spanish economy is the end of foreign financing. This problem is the result of the lack of confidence”

“In spite of the huge rescue package for Greece, markets still don’t trust that the Greek Government will be able to implement the adjustment programme”

“Had Spain had a lower public deficit last year, it would not be the shooting target of international markets today”

Juan Iranzo: “The two problems of Spain are the lack of credibility and the scarce growth potential”

“The Government has wasted 13.5 billion euros in repairing pavements and roundabouts, and 6 billion more in the absurd returning of the 400 euros”

“To restore the competitiveness of Spanish economy, a series of economic reforms that are credible have to be set forth: fiscal consolidation, reforming the pension system, the health system and the administration”

Joaquín Trigo: “Spain’s potential growth is good but we are unable to consolidate it”

“Of the last 30 years, we have had an unemployment rate above 20% in 10 of those years. Our best posting has been 8%, that is, our best figure has been worse that the worst figure of other economies”

“Public companies are neither public nor transparent. They are everywhere and totally uncontrolled”