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| Europe |
| Spain needs 5 years to achieve prosperity |
| 2010-12-23 |
| (KUNA) -- Spain needs five years to "correct Structural imbalances" in national economy and to achieving prosperity and welfare of the Spanish people, Prime Minister Jose Luis Rodriguez Zapatero said here Wednesday. Translated as, "I need another term as prime minister" ... In a speech in parliament here Wednesday Zapatero Said "We have been fighting the crisis for two years and we will need five years to correct the structural imbalances in this economy," calling for unity to solve Spain's economic difficulties. He added that "Economic growth requires cooperation between all parties and their involvement in serious and persistent work to meet the challenges of the new era", appealing to national political parties to shoulder its responsibilities and make efforts to take the appropriate economic measures. He stressed that ensuring financial stability in Spain requires the adoption and application of a number of economic measures, and in particular the reform the pension system, calling for taking the resolution seriously and with much of firmness and foresight. He defended the importance of raising the retirement age to 67 years, saying that " if Spain wishes of owning pension system like those owned by Germany or Sweden, it must have to redouble its efforts and continue to work hard to build a solid economy that would able to overcome obstacles and cope with future requirements". A pension overhaul slated for Cabinet approval on Jan. 28 includes rising the retirement age to 67 from 65 and increasing the number of years used to calculate benefits as part of a set of economic measures taken by the Spanish government in an attempt to accelerate economic growth and reduce the deficit in the state budget and to address the effects of the global economic crisis. Spain's parliament approved yesterday the 2011 austerity budget aimed at cutting the debt-strapped country's deficit and righting its strained public finances, as well as at reducing the public deficit from 11.1 percent of annual output last year to six percent in 2011 and to three percent, the European Union limit, by 2013. |
| Posted by:Fred |
| #3 When he says "prosperity", he means "get enough cash to fly to a non-extradite country while you suckers are left to foot the bill you can't pay". |
| Posted by: DarthVader 2010-12-23 16:11 |
| #2 Spain has an unemployment rate around 20%. I think he's done more than enough already.... |
| Posted by: Swamp Blondie 2010-12-23 08:03 |
| #1 Zapatero's been in office for a little over five years, so it will take that long to undo the damage. |
| Posted by: CincinnatusChili 2010-12-23 05:16 |