Spain's policy will create jobs: Germany

Top Stories

»	Gold, silver prices rise on strong demand
»	Reliance Industries gets Rs 56.44 crore CGST penalty
»	Sensex, Nifty turn positive after early losses ahead of key Q2 GDP data release
»	RBI’s all-India House Price Index rises by 2.2 pc in Q2 of 2025-26
»	India, Slovenia express optimism for early conclusion of EU FTA

IANS/EFE | 23 Jul, 2012
German Foreign Minister Guido Westerwelle has expressed his support for the economic policy of Spain's Mariano Rajoy government, because, though it will be "very hard on many people", it is "the best way to create new jobs and reduce unemployment".

Spain's Foreign Minister Jose Manuel Garcia-Margallo also dealt with that subject Saturday, urging the European Central Bank, or ECB, to prevent the pressure being piled on Spain and its debt by some markets that respond "with a slap in the face" to every reform carried out by the Spanish government.

Garcia Margallo and Westerwelle made their statements after being received by Crown Prince Felipe at Palma's Almudaina Palace in the Balearic Islands, on the occasion of their participation in the fourth meeting of the so-called "Berlin Group", a forum of foreign ministers from 11 countries of the European Union who are forging a common policy for dealing with the crisis.

"I know that (the Spanish government's policy) is very hard on many people in Spain, but I can only support the direction it is taking because we know it's the only alternative," Westerwelle said.

The head of German diplomacy said he was "absolutely convinced" that Spain will overcome its present difficulties and will again take advantage of the "competitiveness" that many of its companies have.

Westerwelle recalled that this week the German parliament voted in favour of a programme funding the Spanish banking system, and said his government is aware that budget discipline must be complemented with economic stimulus programmes and that "growth is the result of structural reforms".