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Markets  |  February 21, 2013 09:39:42

Rajoy: Spain has the worst of the crisis was behind

According to Spanish Prime Minister Rajoye is the worst for Spain. The budget deficit net of aid to banks fell below 7% last year. Improving productivity indicators should then provide the basis for economic recovery in the coming years. Spain's neighbor Portugal, however, indicates that failing to meet targets for reducing the deficit and will need an extra year to the desired reduction of its budget deficit due to a worsening economic outlook. In our opinion, the reality of southern Europe substantially better reflects information from Portugal than politically optimistic statements Spanish Prime Minister.

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