Arab Today, arab today spain\s economy to shrink
Last Updated : GMT 04:58:02
Arab Today, arab today
Arab Today, arab today

Spain\'s economy to shrink

Arab Today, arab today

Arab Today, arab today Spain\'s economy to shrink

Madrid - UPI

Spain\'s struggling economy will contract and unemployment will rise, despite a $125 billion bank bailout, Spain\'s prime minister said. \"This year is going to be a bad one,\" Mariano Rajoy said at a short news conference Sunday after commentators and political opponents accused him of going into hiding since the rescue was announced by his economy minister Saturday. \"Growth is going to be negative by 1.7 percent and unemployment will increase,\" Rajoy said before flying to Poland to watch Spain draw 1-1 with Italy in the European soccer championship and lamenting he could not also be in Paris to watch Rafael Nadal play in the French Open tennis tournament. Spain -- the fourth, and largest, of the 17 eurozone countries requesting a bailout -- is already in a double-dip recession, with unemployment topping 24 percent. Rajoy, a conservative, blamed the crisis on the previous government of socialist Prime Minister Jose Luis Rodriguez Zapatero. \"Last year, the country\'s public administration spent more than 90 billion euros ($114 billion) than it received,\" he said. \"You can\'t go on like that.\" Rajoy critics point out the failing banks have strong ties to Rajoy and the current ruling People\'s Party. Rajoy credited his party\'s leadership for paving the way for the bailout\'s limited scope. \"If we hadn\'t achieved all we have done over the past five months, then perhaps the entire country would have needed [full-fledged international] intervention,\" he said. His comments followed a wave of global approval, with U.S. Treasury Secretary Tim Geithner, British Foreign Secretary William Hague and International Monetary Fund Managing Director Christine Lagarde hailing Spain\'s decision to request the loan. The decision to seek aid came less than 24 hours after the IMF issued a 77-page report that found the Spanish banking sector suffering through a crisis \"unprecedented in its modern history.\" Less than two weeks ago, Rajoy insisted Spain didn\'t need a bailout. Officials said Sunday the bailout, whose loans are expected to be negotiated before the end of the month, would add an estimated 20 percent to Spain\'s national debt. But interest payments would not be added to the deficit because they are to be paid by the banks, the officials said. \"There are no macroeconomic conditions for our country,\" Rajoy said. \"The conditions are on those who receive the loans, and those are the banks.\" But the new loans will not be condition-free, said Olli Rehn, the EU\'s top economic official. The European Commission, the European Union\'s executive body, and other international experts, and not the Spanish government, will decide how much Spain\'s banks need, Rehn said. Eurozone finance ministers added they would monitor Spain\'s deficit and reform program carefully, even though Spain is expected to avoid the kind of intrusive inspection of government books that came along with Greek, Portuguese and Irish bailouts. At his news conference, Rajoy said, \"The credibility of the euro won, the future of the euro won, the European Union won and the chances that Spain can soon recover a level of lending that will improve investment and job creation also won.\" El Pais columnist Antoni Gutierrez-Rubi noted Monday Rajoy put Spain last in the list of winners.

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 spain\s economy to shrink Arab Today, arab today spain\s economy to shrink

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 20:39 2017 Tuesday ,21 February

China allocates $117 billion to expand railway network

GMT 11:16 2017 Tuesday ,21 February

US military defence technology firm Harris lands

GMT 11:11 2017 Tuesday ,21 February

UAE and Russia to develop fighter jet

GMT 10:33 2017 Tuesday ,21 February

Surprising array of weapons on hand at Idex

GMT 10:15 2017 Tuesday ,21 February

Poland launches new tender for military choppers
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
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