Arab Today, arab today madrids mantra spain is not greece
Last Updated : GMT 16:01:42
Arab Today, arab today
Arab Today, arab today

Madrid's mantra, Spain is not Greece

Arab Today, arab today

Arab Today, arab today Madrid's mantra, Spain is not Greece

Spanish President Mariano Rajoy
Madrid - AFP

Greece's economic turbulence is dominating political debate in Spain ahead of a year-end general election, with the ruling conservatives pointing to Syriza's difficulties to discredit its Spanish ally Podemos.

In the escalating tug-of-war between Athens and its international creditors, Prime Minister Mariano Rajoy's government is pushing the message that its reforms have stifled the risk of contagion from Greece and the two nations are not comparable.

"We have the instruments... to deal with market volatility," Economy Minister Luis de Guindos said Monday, a day after Greek voters defiantly rejected terms for a new EU-IMF bailout.

He said Spain's banks had been shored up, the public deficit more than halved, and "macroeconomic imbalances have been corrected", with the government forecasting growth of 3.3 percent this year.

Spain's economy is much larger than Greece's -- it is the fourth largest in the eurozone -- and its population of 47 million is over four times greater.

Even so, there are intriguing political parallels between the two nations.

In Spain, as in Greece, the Socialists were in power when the European debt crisis struck in 2009.

Greece's public deficit stood at 12.7 percent of its economic output while in Spain it reached 11.1 percent.

Spain's conservative Popular Party swept to power at the end of 2011 in a general election on promises to reduce the country public deficit and prevent bankruptcy. In June 2012 a right-left coalition came to power in Athens.

In both nations, austerity budgets were adopted against a backdrop of recession and a sharp rise in unemployment.

Greece received two bailouts worth a total of 240 billion euros ($265 billion) while Spain received an aid package for its ailing banks of more than 40 billion euros.

Anger over the austerity measures imposed by the so-called "troika" -- the European Central Bank (ECB), the European Commission and the International Monetary Fund (IMF) -- helped Greece's radical left party Syriza win a general election in January 2015.

Opposition to belt-tightening has also driven the fortunes of Podemos, a close ally of Syriza that was founded only last year. Opinion polls say it is running neck and neck with the ruling Popular Party and the main opposition Socialists.

- Inspiration or scarecrow? -

Podemos leader Pablo Iglesias on Sunday hailed the outcome of the Greek referendum as a victory for democracy.

But the Popular Party says Greece's refusal to adopt tougher reforms should be a cause for concern.

Pablo Casado, the party's campaign chief during May local and regional elections in which it took a battering, warned that under Podemos, Spain's economic recovery would be derailed,

"Podemos would do as in Greece," Popular Party spokesman Javier Baroto said Tuesday.

In Greece, "many people are living under a bridge or on the edge of an abyss", he said.

Podemos accuses the government of scaremongering.

"They try to spread a message of fear to the population, to create the idea that we can't have policies that are different from those that are decided by the 'troika'", said a Madrid city councillor, Romy Arce.

While Spain has returned to growth, unemployment remains high and Podemos still has margin to tap into voter discontent over the state of the economy.

Nearly three in four Spaniards, 71.5 percent, feel the nation's economic situation is "bad" or "very bad", according to a survey by the government Center for Sociological Research published Tuesday.

Spain's unemployment rate stood at 23.8 percent in the first quarter. Within the eurozone, only Greece's jobless rate -- 25.6 percent -- was higher.

Other mainstream parties in Europe are also facing the rise of groups raucously campaigning against austerity or Brussels.

In Finland the right-wing Finns Party became the country's second-largest party in an April general election.

In Denmark the anti-immigration Danish People's Party finished second in a June election while in France one in four voters are believed to back the far-right Front National ahead of December regional elections.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today madrids mantra spain is not greece Arab Today, arab today madrids mantra spain is not greece

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Hamas leader accuses Israel

GMT 11:43 2017 Tuesday ,28 March

Hamas leader accuses Israel
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 13:21 2017 Tuesday ,28 March

Samsung plans to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday