Latest News:  
Beijing   Sunny    34 / 23 ℃  City Forecast


Spain needs to take hard decisions to regain growth: minister


09:22, July 17, 2012

BARCELONA, Spain, July 16 (Xinhua) -- Spanish Minister of Economy and Competitiveness Luis de Guindos on Monday said the government had to take hard decisions in the short term in order to boost growth in the medium and long term.

Speaking at the IESE Business School of Barcelona, the minister said Spain needed to improve its competitiveness and that all measures taken by now, although hard, would improve the situation of the Spanish economy in the long term.

De Guindos admitted that there had been mistakes in the building process of the euro currency, but praised the latest decisions taken by European leaders concerning forming a banking and fiscal union among the European members.

Last week, the Eurogroup of eurozone finance ministers agreed to a Spanish request for help for its banks, aiming to sign the deal by this Friday and promising an initial 30 billion euros by the end of the month.

They also agreed to give Spain one more year to bring its finances into line with EU norms, with its public deficit to be less than the EU ceiling of 3.0 percent of Gross Domestic Product by 2014.

In return for help for its banks, Spain agreed to a series of banking sector reforms and EU inspections to ensure oversight of their restructuring.


Leave your comment0 comments

  1. Name


Selections for you

  1. Chinese-Indonesian "Edge 2012" anti-terrorism joint training

  2. Life of Afghan drug addicts

  3. Top bank foresees better Chinese economy

  4. Flying Fork performed in Suqiao, China's Hebei

  5. Unconceivable capacity of human organs

  6. Chinese Cabbage Never Looked So Sexy

Most Popular


  1. Europe's chances of economic recovery lie in unity
  2. Fragile peace barely holds in tense Kashmir
  3. Tokyo's islands stance harmful to ties
  4. Experts doubt legality of online auction
  5. Searching for the right professionals
  6. Clinton’s Asia trip takes economic turn
  7. Vatican needs to adapt to local systems
  8. Commercial property market a bubble to explode
  9. Assad inextricable part of peaceful transition
  10. Naval exercises routine, not warning to Japan

What's happening in China

Supermarket investigates worm-infested Cadbury candy

  1. Engines restart for "national sedan" Hongqi
  2. Three Gorges reservoir water at year's highest
  3. Chinese ships end patrol near Diaoyu Islands
  4. 2 mln affected in Chinese rainstorms
  5. For destitute old man, prison was good life

China Features

  1. Why is TCM worth of commendation?
  2. Arabians pay heavy price for Arab Spring
  3. Master of pasted-paper sculpture
  4. China, US hold mixed attitudes toward each other
  5. China does not lack capital: CSRC Chair

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai