Spain will not follow IMF suggestions for now
Source: Agencies |
June 18, 2012, Monday
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Print Edition
Print Edition
SPAIN will not immediately implement the International Monetary Fund's latest recommendations, which include cutting government workers' wages further, because they are nonbinding, the prime minister said on Saturday.
The IMF is one of three bodies Mariano Rajoy's government turned to assess Spain's banking sector ahead of a 100 billion-euro (US$125 billion) bailout for failing lenders.
The latest IMF document, released on Friday, was critical of how the country had missed its deficit reduction target in 2011, despite insisting "until almost the end of the year that the deficit was on track."
Spain's deficit for last year had to be revised upward twice to 8.9 percent of economic output, instead of the 3 percent maximum level set by the European Union.
Rajoy said he would not follow the IMF proposals for now.
The IMF is one of three bodies Mariano Rajoy's government turned to assess Spain's banking sector ahead of a 100 billion-euro (US$125 billion) bailout for failing lenders.
The latest IMF document, released on Friday, was critical of how the country had missed its deficit reduction target in 2011, despite insisting "until almost the end of the year that the deficit was on track."
Spain's deficit for last year had to be revised upward twice to 8.9 percent of economic output, instead of the 3 percent maximum level set by the European Union.
Rajoy said he would not follow the IMF proposals for now.
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