Dos economistas españoles critican la gestión de Rajoy en el ‘Financial Times’
Fernández-Villaverde y Garicano definen como "catastrófica" la política de los populares
El País Madrid 20 AGO 2012 - 12:40 CET
Two Spanish economists criticize Rajoy management in the Financial Times
Fernández-Villaverde and Garicano defined as "catastrophic" policy of the popular
The Country Madrid 20 AGO 2012 - 12:40 CET
Hope that the problems are solved by themselves instead of acting seems to be the key to guiding the management of the prime minister, Mariano Rajoy, with "catastrophic results" for Spain, according to Jesus Fernandez-Villaverde and Luis Garicano. The two economists criticize the popular Executive from the pages of Financial Times and invite popular launch a radical plan.
The president is accused of being the cause of the lack of credibility of Madrid in the European context. After a six month delay in announcing the budget, Rajoy is now pending in the European Central Bank decides on the future of Spain. Meanwhile, still postponing the key reforms required by Brussels, while the problems of banking and autonomy are aggravated.
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"This strategy does not lead anywhere," economists stand and insist that the confidence in the administration is falling. The latest polls show the popularity rating of Rajoy to historic lows, while the unemployment rate approaches 30% and bank deposits go up in smoke.
Spain needs, according to the authors, a profound structural reform, as the "economic crisis is fast becoming a constitutional crisis."
Fernández-Villaverde and Garicano explained that leaving the euro is not a viable solution for the country. "Success requires a radical change in policy by Spain." After ensuring the recovery of the financial sector, the country will launch a "rapid but orderly restructuring of insolvent institutions, banks and Communities."
The efforts of the Executive will need to focus also on reducing barriers for entrepreneurs and promote job creation and to prepare a fiscal consolidation plan aimed at achieving objectives in the medium and long term.
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