Brussels, 23/01/2014 (Agence Europe) - After 18 months of operation, the Spanish bank bailout programme came to an end on Thursday 23 January 2014.
Euro Commissioner Olli Rehn welcomed the programme's positive outcome. He said it had been carried out with the twin approach of repairing and reforming the Spanish bank sector and thereby creating a healthy foundation for economic recovery. The commissioner added his usual recommendations to avoid any complacency, advising that structural efforts be undertaken to sustainable reduce unemployment. Figures released on Thursday by the Spanish statistics institute reveal that the number of people out of work rose in the third quarter of 2013 to 26.03% from 25.98% in the second quarter, though they are slightly lower than a year ago. Rehn said in an interview with El Pais that it takes a decade to solve a crisis like the one in Spain. He added that budget consolidation must continue apace as agreed. Spain will remain subject to surveillance from its lenders until it has repaid 75% of the €40 billion it borrowed to bail out the banks. (EL/transl.fl)