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A spanish Minister who is going out in grand style
09 November 2015 @ 10:24

      On last Friday, I could listen, on the radio, an interview with Luis de Guindos, Minister of Economy and Competitiveness of the Government of Spain. Among other things, de Guindos announced that he will not follow being a Minister, after the next December-20. So, I should  like, from here, to pay a little tribute to him, for his work, as head of government, because I think that he has done a lot for Spain, that had a so difficult economic situation.

         I think that Luis de Guindos has been a serious man, a discreet man, a modest man, a man who loves Spain (my country; therefore, I express thanks for him).

      On the interview, he said several things like that he rules out that the government will design new cuts, after the European Commission worsen its deficit forecasts, for Spain. He has said: "We must not design new cuts, what to do is implement the budget", in which "there is no electoral component" but "support measures to economic growth".

      Brussels estimates that the deficit of Spain, in 2015, will reach the 4.7% of GDP (Gross Domestic Product) and 3.6%, in 2016, (two and a tenth, respectively, than in its previous forecast). The Spanish government, however, expects a deficit of 4.2%, this year, and 2.8% next year, a target agreed with its partners.

        Luis de Guindos has insisted that these differences between estimates of Brussels and the Spanish government "has already occurred in the past", but "What happens now is that we are at a sensitive time", the proximity of the General Elections, he has declared.

      In any case, the holder of Economy has argued that the half point of divergence between the estimates of deficit Brussels (just over 5,000 million euros), this year, and the Spanish government "is not very important or especially relevant" and he was convinced that the figures, at the end, "will be those of the Spanish government".

      The Minister also said that the Spanish government projections "have always been prudent and have been adjusted closer to reality". According to De Guindos, despite of the "uncertainties" existing, both growth at a rate of 5% of tax revenues, as "significant" savings, in interest on the debt and spending on unemployment, support the approach of the Spanish Government”.

      In fact, he noted that if the uncertainty over the election results is eliminated, "the Spanish economy can give a very positive surprise, next year, and grow well above 3%", and he added: "We will have a deficit of 4.2% and below 3%, in 2016", De Guindos has riveted.

Luis de Guindos is glad

      Questioned on the valuation made, by citizens of the economic situation, in the latest barometre of the Centre for Sociological Research (CIS), published on thursday, in which 24% of respondents believe that it is worse, than a year ago, and more than 21% see it better, the Minister pointed out that what matters is the trend, "that is going better".

      During the interview, at RNE, the Economy Minister has been questioned by Bankia. "It has to be a separate entity. It is approximately 10% of the Spanish financial system and it has to compete with other major banks like BBVA, Santander and CaixaBank and it is an element to energize the positive necessary rivalry, that has to be in the Spanish financial system", he said.

      The Minister recalled that the options and the time of sale of Bankia correspond to the next Government --it has to occur before 2017, in compliance with the memorandum of understanding, signed with Brussels-- and he stressed that "the important thing" is that the company "does not generate any problem at the Spanish financial system".

      Well, I hope that you have liked the interview, such as I do.

      I wish De Guindos the best of luck, to his new life, after being Minister.

     Thanks, Minister!.

      Until my next post, kind regards,

Luis.

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