Spain’s minister says no to recession
Spanish economy minister Pedro Solbes admits the country is in a crisis but maintains that crisis and recession are not necessarily linked.4 August 2008
MADRID - With the opinion of the Spanish public and business leaders rapidly turning against the government over its economic policies, economy minister Pedro Solbes has sought to defend the administration's response to the current downturn.
In an interview with El Pais, he admits that Spain is in a crisis, but stops short of considering the prospect that the country could slip into recession. "I don't link crisis and recession," he says.
Solbes also acknowledges that some of his own predictions in recent months have proven to be wide of the mark but argues that the government has consistently acted transparently.
Business leaders are far from optimistic, however. In one recent survey of managers and directors, almost all those polled said they expect the economy to worsen over the coming months and more than half blamed the government.
[El Pais / Expatica]