Brussels, 22/12/2011 (Agence Europe) - Ministers in the new conservative Spanish government took office on Thursday 22 December with the economy at the top of their To do lists and planning to introduce emergency austerity measures to tackle the crisis.
One after the other, the ministers were sworn in by King Juan Carlos, who had sworn in the new prime minister the day before, Mariano Rajoy. The finance minister, 51-year-old Luis de Guindos, will have the tough job of combining belt-tightening with reforms at a time when Spain will probably enter a recession at the start of 2012 and already suffering from record high unemployment.
The cabinet is expected to introduce emergency economic measures on 30 December. Rajoy has already announced further cuts in public spending for 2012 to the tune of €16.5 billion to try to rein in the deficit. Rajoy has promised to respect Spain's commitment to its European partners (made by the previous government) to bring the deficit down to 4.4% of GDP in 2012 (from 9.3% in 2010), and then to 3%, the EU cut-off point, in 2013. The deficit target for 2011 is set at 6%. The new foreign minister, 67 year old José Manuel Garcia-Margallo, has plenty of financial experience under his belt. A former lawyer and tax inspector, Garcia-Margallo had been an MEP since 1994 and deputy chair of the EP's economic and monetary affairs committee until he was appointed as minister in the new Spanish government. (LC/transl.fl)