Relaciones Internacionales – Comunicación Internacional

Luis de Guindos’ diagnostic on the crisis

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Spain’s minister of Economy, Luis de Guindos, talked to Al Jazeera on June 2, 2013 about his country and the eurozone economic situation, expressing confidence in the capacity of both for reversing their misfortunes and turning around in the next few months.

Spanish exports grew at the impressive rate of five percent in the first quarter this year. And in March, Spain achieved a trade surplus with the rest of the world – the country exported more goods to the world than it brought in. This was a first for Spain, which has never had a trade surplus ever before.

And the interest yield on government bonds are down, indicating that investors view the country’s debt less risky than before.

But while all this is happening there is still a dark cloud hanging over the country – a stubbornly high rate of unemployment. Today, more than half of all young people between the ages of 16 and 24, do not have a job.

So, how can a whole generation coming of age under these circumstances ever gain confidence in the future?

It seems to be a mixed picture for the Spaniards, but decidedly not all dark, at least according to Luis de Guindos, the country’s minister of economy and competitiveness.

And while many people speculate that there are cultural differences in the southern European countries that gave rise to a greater economic downturn than in the north of the continent, he believes otherwise… MORE

From recession and austerity to protests and poverty, the June issue profiles Europe – a continent in crisis. ( 01-Jun-2013 )

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