login
login
Image header Agence Europe
Europe Daily Bulletin No. 10694
Contents Publication in full By article 26 / 32
ECONOMY - FINANCES / (ae) spain

Thursday's reforms not connected with any bailout

Brussels, 21/09/2012 (Agence Europe) - On Friday 21 September, the European Commission denied rumours that the structural reforms to be announced by the Spanish government on Thursday will be conditions laid down in return for the prospects of a second bailout to reduce the cost of rolling over Spanish debt (see EUROPE 10689). The measures have nothing to do with any “proto-programme”, said a spokesperson for Euro Commissioner Olli Rehn, using a term coined by the Financial Times. The spokesperson said the measures are changes made to the Spanish reform programme to take account of the country-specific budget and macroeconomic recommendations that the European Summit endorsed in June (see EUROPE 10645) and to which the Spanish government had pledged in July in a Memorandum of Understanding on the bailout of Spanish banks through a loan of up to €100 billion. In this connection, it is standard practice for the Commission to be in close cooperation with the Spanish authorities and consulted before next week's measures are introduced, said Rehn's spokesperson, adding that the measures will help make the Spanish economy more competitive. (MB/transl.fl)

Contents

A LOOK BEHIND THE NEWS
INSTITUTIONAL
SECTORAL POLICIES
SOCIAL AFFAIRS
COURT OF JUSTICE OF THE EU
EXTERNAL ACTION
ECONOMY - FINANCES