Christine Lagarde: Bravo, Spain
The managing director of the International Monetary Fund (IMF) has given her support to Spain’s efforts to reform its economy.
Christine Lagarde, who was, prior to her election to the top post at the IMF, France’s minister of economic affairs, finances and industry, stated that Spain is showing incredible progress in reducing its deficit.
So much so that she believes the country will not need to be rescued with a bailout from the IMF.
“When we look at what Spain has already done, and is committing to do, there’s not much more that we would be asking from Spain if it was in a programme with the IMF,” she commented.
Ms Lagarde added that the reforms being made in Spain’s labour market, coupled with changes in healthcare and education systems, are setting the country back on the road to sustained recovery.
The finance expert went on to discuss the need for eurozone members to formulate a long-term “vision” for the way they want the continent to grow in activity both at home within their respective borders and internationally.
“Not for the next three weeks, but for the next years, so that bondholders who buy a ten-year bond from Spain or Italy know exactly what Spain and Italy will be in ten years’ time,” Ms Lagarde added.
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