Mediafax (Mediafax)
Markets  |  July 08, 2012 17:43:47

Spain is on the way to salvation, said Schäuble


MADRID (MEDIAFAX) - Spain is the German finance minister Wolfgang Schauble on track to overcome the recession and restore investor confidence. Has reported on Sunday, Reuters, referring to the Spanish newspaper El Pais.

While the troubled country's financial sector can benefit directly from European rescue mechanisms until next year - to create a single banking supervision - financial resources, the additional debt load is manageable by Schäuble.

"Talk about what happens to future banking supervision will work is like building castles in the sky. Right now we have to work with what we have," said Schäuble for the Spanish daily El Pais.

Spain can Eurogroup, according to preliminary promise to obtain a loan of up to 100 billion euros from European funds to recapitalize their banks weakened.

"The basic data and shows the intention to reduce the deficit that we should not exaggerate (about the cost of remediation of public accounts). Spain is on the right track," added the German finance minister.

Madrid is expected that the debt ratio at the end of Spain will be around 80 percent of gross domestic product (GDP) - with the exception of bank rehabilitation - which is in line with the European average.

Tomáš Králíček, kralicek@mediafax.cz

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