Mariano Rajoy makes risky bet on Spain's economic recovery

July 20
2:10 AM 2013

Spain Prime Minister, Mariano Rajoy makes a risky political bet by making claims that recovery is close at hand for Spain. With the recent economic upturn still fragile, the public may not feel the benefit that Rajoy is sending across. The Spanish government tried to move from the depressing picture the the country started to experience when the government updated the people regarding the economic strategy which pointed to deficit numbers, labor costs and trade. Spain has been in the grips of recession for the past five years. Last year, the country was forced to take out a  EUR42-billion or Us$55 billion to bailout its banks.

"Our economy has turned the corner and we are at the start of a change in trends which will allow us, with effort, to create jobs again. The foundations have been laid," Rajoy said at an event last Sunday.

Spanish government officials are sending the message across that the worst part of the crisis has passed. The adjustment from the 2008 property crash is close to ending. The structural reforms that were implemented last year will soon come to pass and deliver growth and will open jobs.

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