Spain to take urgent measures to aid economic recovery

Spanish Prime Minister Jose Luis Rodriguez Zapatero on Friday announced that his government has passed a law to allow urgent measures to support credit, economic recovery and employment.

Zapatero made his announcement from the southern city of Seville, following a Cabinet meeting. He said that "in the following days we are going to reach a political agreement over immediate measures to give an impulse to growth and employment, that will count on new immediate answers to the crisis. New austerity measures, competition and innovation."

Zapatero added that the government considers these "urgent measures to recover from the crisis" will be "making it easier for small and medium sized companies to get credit, with a new line of loans, promoting the rehabilitation of homes to generate employment and also making the construction sector more sustainable."

He also highlighted the importance of "reforming the model of production," given that in the last fifteen years, Spain "has had excessive construction, which was not sustainable, and an industrial sector that was smaller than other European countries."

The Cabinet also passed the preliminary version of the Law for a Sustainable Economy, which will be sent to Parliament with "the maximum desire for an agreement," along with the reforms that the government considers "fundamental" for the economic present and future of the country.

This announcement was made after the European Commission published a report on Wednesday, which considered the macroeconomic scenario of the Spanish government as improbable and made a series of recommendations, such as limiting the budgets of Spain's various regional governments. The European Commission asked Spain to rigorously implement the fiscal plan, which falls under the aspect of the Stability Plan, so that by 2013 the deficit falls to 3 percent from its current 11.4 percent annual level.

[Source: Xinhua, Madrid, 19Mar10]

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