New PM confirms that Spanish economy is still falling and has yet to reach rock bottom

Many people have asked me whether the economic crisis here has at last turned the corner, or whether we still have to reach the bottom. In particular, they’re interested in property prices, but are generally concerned about how la crisis is affecting the islands. Now, the new Spanish PM, Mariano Rajoy, has been explicit: he had hoped to be able to say that the economy had reached the bottom, but the problems Spain faces are extremely serious, he said, and he cannot.

The PM was speaking at his party’s conference, where he has just been reconfirmed, almost unanimously, as party leader. He guaranteed that his government will do all that’s necessary but that recovery will not be quick, and the measures will not be pleasant. Right now, he said, the government was dealing with the most urgent, namely to try to apply brakes to the fall, because until the country’s economy reaches rock bottom it cannot begin to recover.


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