THE debt crisis is over in Spain according to José Luis Rodríguez Zapatero.

The Spanish Prime Minister, made the bold declaration in an interview with The Wall Street Journal this week, adding that austerity measures are well on track.

He said: “I believe that the debt crisis affecting Spain, and the euro zone in general, has passed.”

But he added that the governments have to continue to work together to avoid a repeat of events such as the market turbulence that hit the euro zone in recent months.

“We require further convergence to boost competitiveness, and stronger principles to implement balanced economic and fiscal policies,” he said.

Spain was one of the countries hardest hit by the debt crisis in the Eurozone, along with other “PIIGS” nations such as Greece, Italy, and Ireland.

And Zapatero’s latest comments show an effort to boost investor confidence in Spain.

However despite reiterating his government’s commitment to economic reform and fiscal austerity, many feel his pronouncements are premature, especially, as other countries such as Britain are facing growing debt problems of their own.


  1. LOL

    €450 billion of toxic property debts, whole industrial estates shut down, never to re-open. Subsidised rents and mortgages until 2012 – what happens then? What happens when the ECB raises interest rates or when the badly capitalised German and French banks (2% instead of 10%)go pop.

    Desertification getting worse by the year. Trapped in a Euro that only benefits the Germans and all Spain’s problems are over – Father Christmas and the Tooth Fairy are coming your way soon – LOL

  2. Zapatero has demostrated his speciall skills in economy by letting Spain belive was not in crisis, and now he is the first to see this crisis in over!
    Oh my God! Why dont you shut up ( as theKing Juan Carlos said to snthet wiseguy ( Chavez in Venezuela )

  3. So you are saying that Mr Zapatero is a fantastically skilled politican, are you Nick? Just a few months ago he would not utter the word “crisis”, until it got too embarassing for him not to admit. Every economist disagrees with his analysis. Of course no one mentions the massive EU bail out fund that Spain is feeding from – a debt mountain.

    Oscar is correct, ‘The Cobbler’ really needs to do a Schofield i.e. put a sock in it! lol. I’m not hiding Nick, I’m right here with you exposing and contradicting you every time you write.

  4. For a masterful and expert analysis of Spain’s and Europe’s debt dilemmas, read the views of the always interesting Edward Hugh at:


    I have been following this guy’s commentary and analysis for a few years and find him to be one of the most insightful analysts on Spain. Far better to have light shed on the situation rather than reading the ill-informed ramblings elsewhere in this thread. Offer him a monthly column, Olive Press!