“Spain’s banks are better off than those of many other EU countries”

The president of the Eurogroup of EU finance ministers insists that “Spanish banks are better off than those of many other European countries.” In an interview with EL PAÍS, Jeroen Dijsselbloem radiated optimism about Spain’s economic future, asserting that the bailout of the banking system will almost certainly not be extended as initially planned, as banks seem to have regained access to credit on the markets and provisioning needs appear to have been met.

"I am very optimistic about Spain," said Dijsselbloem. "The industrial and economic foundations are there. And the reforms are working. The improvements are there, even if the changes are still not noticeable in the real economy. Unemployment is going down, the recession is ending, exports are growing. I insist: I am optimistic about Spain."

However, the Eurogroup chief rejected the idea of a radical change in European economic policy if austerity fails to produce the desired results. "We already introduced flexibility in the deficit targets. A good many countries, among them Spain, are benefiting from it."