Message from London - 'Spain is not Greece'

Message from London - 'Spain is not Greece'
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By h.b. - Feb 9, 2010 - 7:05 AM
Spanish and British businessmen and politicians have met in London

The Palace of Westminster - Photo Wikipedia

Some 50 Spanish and British businessmen and parliamentarians met in the House of Lords in London on Monday for a working lunch which was organised by the British Chamber of Commerce in Spain.
The meeting agreed that ‘Spain is not Greece’ and that there is no cause for alarmist headlines over the state of the Spanish economy.

Daniel Brennan, President of the Constitutional Affairs Commission in the House of Lords, and loyal friend to Spain in Westminster, said that it was ridiculous to compare Spain to Greece, backing up his statement with some data, showing for example that the Spanish public debt is 10% of GDP lower than that seen in the U.K., and that the budgetary deficit is similar in both countries. He noted to that unlike the UK Spain has a very strong financial system and has not had to spend thousands of millions of pounds to save the banks. Also private saving in Spain has reached nearly 20% of family disposable income, in line with the Eurozone average.

On the Spanish side the defence was led by the General Manager of La Caixa, Juan María Nin, who noted that Spain entered recession after most other countries and therefore it was normal that it would take longer to exit the recession. Nin was critical of the role of the ratings agencies who he said had shown a lack of objectivity.

Karen Stock, President of the British Chamber of Commerce in Spain, encouraged businessmen and politicians to look forward and work together on an exit from recession, while Lord Brennan considered that at such times political parties should think more in the interests of the nation, and less in their own interests.

The meeting came the same day as the Spanish Minister for Tax and the Economy, Elena Salgado, was in the City of London to explain the Spanish government’s plans to reduce the growing state deficit.

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