European Central Bank chief Mario Draghi thinks Spain is on the right track towards economic recovery.
In Madrid to address members of parliament during a closed-door session, Draghi said he sees positive signs and substantial progress.
He praised Spaniards for their great efforts to fight the crisis, said the Spanish bank rescue programme was showing results.
After talking to lawmakers, Draghi told reporters: “The economic situation, the social situation, are difficult and the people are going through difficult times. But I also told that Spain is on the right track, and today banks in Spain have a much healthier balance sheet. Today Spain has what probably is the most advanced recovery and resolution system for banks in the euro area.”
Draghi is seen by many as Spain’s saviour. With the country’s banking system swamped with toxic debt, last year it looked like Madrid was going to be forced to ask for a sovereign bailout from the EU and International Monetary Fund.
But the European Central Bank’s promise to safeguard the euro with a bond-purchase plan lowered Spain’s borrowing costs.
Draghi may be seeing “positive signs” but the Spanish people would be hard pushed to name them, particularly with more than a quarter of the working population jobless and over half of young Spaniards without work.
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International breaking news | euronews online world breaking news in video
- 3Caught red-handed: the Russian Major fighting in Ukraine
- 4Video footage shows massive explosion in Tianjin, China
- 5Ukraine puts top Russian general Gerasimov on ‘most wanted’ list
- 6Why World Elephant Day matters
- 7Momentum for Mars: Astronauts say mission is inevitable
- 8Latest News Bulletin
- 9Who came out top in the US Republican television debate?
- 10UK: at least 7 dead after plane crashes into road in Brighton
- 11Snowden, Assange and Manning statues unveiled in Berlin
- 12Virginia:TV journalist and cameraman shot dead live on air
- 13ISIL militant group claims to have killed Croatian hostage in Egypt
- 14Earth Overshoot Day…Pushing Mother Nature too far
- 15Windows 10, three weeks on: the good, the bad and the ugly
- 16Bringing the trolls out of the dark: Russian ‘troll’ awarded 1 rouble damages
- 17As ‘Daily Show’ Jon Stewart’s tenure ends, scholars say goodbye to their research topic
- 18European Union News | euronews: latest breaking news and headlines about European Union
- 19International news | euronews, latest international news
- 20Scientists find sinkhole cave under Mexico’s Kukulkan Castle Pyramid
Wires > Business
- 18:22 CET U.S. labour market shows some muscle despite slower job growth
- 17:35 CET GVC trumps 888 to clinch deal for Bwin
- 16:44 CET Volatile oil casts doubt on ECB’s future inflation gauge
- 16:32 CET Japanese banks among bidders for GE’s local finance unit – sources
- 16:08 CET G20 vows transparency on rate moves as global growth disappoints
- 15:37 CET Falling knife or screaming buy? Glencore ticks both boxes
- 14:39 CET IMF exec says increasing likelihood of interim quota deal
- 14:29 CET Credit flow for growth still curbed by NPLs in Europe – Lagarde