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.
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