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Spanish crisis at the worst, minister admits
Advance figures of an Active Population Survey announced by Spanish Finance Minister Cristobal Montoro on 26 January revealed that more Spaniards have lost confidence in their government amid the ongoing fiscal raucous.
"We are currently undergoing the worst financial crisis in our recent history, the one with the most devastating effects on employment; the crisis made our country the core of the Euro problems," the minister was quoted as having said in the local media.
He explained the credit crunch as the result of bank system's inability to react to the "drop in the value of real estate assets." According to Montoro, the "the main mission and challenge” for the government's policies is to restore trust of the Spaniards. He reminded that Spain is “in a recession phase, further lengthened by the financial crisis."
Montoro ensured that the "government's ambitious reform plan aims, among other things, at making the public sector, "the leverage of economic growth aimed at generating employment."
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