"Uncertainty" calls for "urgent action," says BBVA chief

BBVA chairman Francisco González on Wednesday predicted "a change in the political cycle" in Spain, saying that he doesn't believe in the reforms that the government of Prime Minister José Luis Rodríguez Zapatero has introduced.

Speaking in Mexico City during a national meeting of the directors of BBVA's Mexican affiliate Bancomer, González said that Spain is going through a period of tension and political change, which has created a lot of "uncertainty" among Spaniards "so urgent action is needed fast."

He also noted that the Socialist government has implemented a series of reforms that have not gotten off on "the right track" with the Spanish people.

Because there is a lot of confusion about the situation inside Spain, González says the country "mixes easily with Greece and Portugal" - two nations that were given EU bailouts - but it is "entirely different" when it comes to its infrastructure, businesses and economies.

Banks will emerge "more efficient and resilient to crises," writes Salgado

Spain has been dragged down in part by the European debt because of the lack of measures by the current government, which "instead of coming up with a reform plan" increased the public debt from 42 percent to 63 percent in two and a half years, he said. "I believe that Europe will come to an agreement despite the difficulties facing different countries, and Spain will come out of this. Of this, I have no doubt," González said.

Meanwhile, Economy Minister Elena Salgado said she believes that Spain's debt restructuring can offer "lessons for the rest of Europe and the world." In an Op-Ed piece she wrote for Wednesday's The Wall Street Journal , Salgado once again stated that Spanish banks are not on the verge of collapse. "As a result of our government's wide-reaching measures, our financial institutions are set to emerge as more efficient and resilient to any future crises," she wrote.