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Rajoy calls for eurozone fiscal authority

Rajoy calls for eurozone fiscal authority
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The number of unemployed people in Spain fell slightly in May.

The decrease was seen across all sectors, the largest being agriculture. The number of jobless young people fell by just over two percent.

However on an annual basis the number of people out of work is up 12.5 percent.

Spain’s unemployment is the eurozone’s highest. Nearly one in four Spaniards is jobless.

In Madrid, Prime Minister Mariano Rajoy insisted Spain has done all it can to cut back spending and restore the economy to health. Now Europe has to take the lead and set up a new fiscal authority to save Europe’s banks. Other countries have mooted the idea before, but Rajoy’s prime concern is Spain’s tottering banks.

Rajoy is resisting EU pressure to take a bailout package, but a eurozone fiscal body could do that for Spanish banks with less of the nasty conditions attached.

In the meantime, the world’s top four accounting firms have been ordered to perform a total individual audit of all of Spain’s banks. The results should be available in a few months.