'Totally inaccurate' to compare Spain to Portugal: OECD

7th April 2011, Comments 0 comments

The head of the OECD said Thursday it is "totally inaccurate" to compare the debt problems of Spain with Portugal, after Lisbon announced that it needed a European financial bailout.

"Spain will not have the same problems Portugal is facing," Angel Gurria said in Budapest, where European Union finance ministers are gathering as Lisbon prepares to lodge a formal demand for aid.

Gurria said Madrid had been addressing its problems for some time and that they were "never the same" as those in Lisbon.

"It is totally inaccurate ... Portugal, Spain, Italy, the United Kingdom never should have been talked about" in terms of needing a bailout, he stressed.

Talk of debt rescues "should have stopped with Ireland" in December last year, he added.

© 2011 AFP

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