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Spanish PM in Paris ahead of EU summit

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Spanish PM in Paris ahead of EU summit


Spanish Prime Minister Mariano Rajoy was in Paris to meet new French President François Hollande. It comes ahead of an informal EU summit in Brussels.

Spain’s stricken banking sector was one of the topics discussed at the first meeting of the leaders.

They also discussed ways to resolve the eurozone.

“Tonight, as far as I’m concerned, I will bring two issues before the European Council: one concerning the stability pact, as well as what needs to be done concerning budget resources, and the issue of liquidity, to have a banking system which is strong, and finally to be protected from market speculation which occasionally destroys the markets,” Hollande said.

Rajoy said that “liquidity and sustainability” are his top priorities.

“There are many countries who are making efforts to manage their public deficit and structural reforms but what we can’t live with differentials with other countries at a moment when we need finance ourselves. In the present state of affairs, it is very difficult for the policies of deficit management and strucutural reform policies to get results,” he told reporters.

Traditionally the former French president used to meet with the German Chancellor ahead of EU summits. Analysts say Hollande is on a collision course with Angela Merkel for his anti-austerity approach.

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