Spain’s Prime Minister to Announce Tough Economic Plans

December 29th, 2011

Mariano Rajoy’s new conservative government is scheduled to announce its economic plans this Friday and during the inauguration of Spain’s new government officials, PP Economy Minister Luis De Guindos said that the next two quarters “will not be easy” either for GDP or for the creation of employment, and added that looking beyond six months is “very difficult”.

“The next two quarters, make no mistake, they will not be easy for either the GDP or employment,” admitted the new economy minister, and said he expected the economy to shrink by up to 0.3% in the final quarter of the year.

Guindos acknowledged there are “difficult times” ahead for Spain, and he stressed that it is time to make decisions, and move ahead with planned reforms, and is counting on “the efforts, dedication and loyalty” of all the new officials in the Ministry of Economy.

Guindos has reminded all his new ministers that they are going to play an “important role” in the Spanish economy since the reform agenda is “broad and deep” and because, among other things, Spain will play an “important role” in the future framework of the euro.

The new minister has stressed that his department faces three main tasks: completing the restructuring of the financial sector, which is “indispensable” in order to return to the path of growth, tackle the reform of markets and services and promote the integration of science and technology. Likewise, the Ministry of Economy will aid the labour reform that the Ministry of Employment and Social Security will implement and the fiscal consolidation to be carried out by the Ministry of Finance and Public Administration.

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