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Spain Angers France & Italy With Claim of Joint Statement on EZ Decisions

 The Euro Zone is really boiling. Spain angered EZ-partners France and Italy when it issued an allegedly joint statement in which apparently the three countries called for the swift implementation of the measures agreed at the Euro Zone Summit in June. Earlier Tuesday the Spanish government said in a statement that the three countries had agreed that emergency financial reforms agreed by the eurozone be immediately applied.

“Spain, France and Italy demand the immediate execution of the agreements” made at a Brussels summit on June 29, when European Union leaders approved measures to support banks and growth,” the statement released by the Spanish foreign ministry said.

Below the whole report of anger among EZ-partners

            Spain angers eurozone partners with claim of joint statement

France and Italy angrily denied Tuesday that they had issued a joint statement with Spain, as claimed by Madrid, calling for the swift implementation of measures agreed at a eurozone summit in June.

Rome expressed “its stupor with respect to the initiative announced by the Spanish foreign ministry regarding a supposed joint declaration by Spain, Italy and France — an initiative the government has not been informed of.”

French European Affairs Minister Bernard Cazeneuve also denied the three countries had made a joint declaration.

“There has been no common approach with Italy and Spain. I have not asked for the immediate application of the accords. It makes no sense to say that. We are following the decisions taken at the European summit and are working on them,” he told AFP.

“This has not been discussed between us,” the minister added.

Earlier Tuesday the Spanish government said in a statement that the three countries had agreed that emergency financial reforms agreed by the eurozone be immediately applied.

“Spain, France and Italy demand the immediate execution of the agreements” made at a Brussels summit on June 29, when European Union leaders approved measures to support banks and growth,” the statement released by the Spanish foreign ministry said.

“Speed is an essential condition for the success of any European action,” it quoted Spain’s junior minister for European Affairs, Inigo Mendez de Vigo, as saying.

“There is a worrying delay between the decision taken by the European Council and the execution of said accords.”

The statement said Cazeneuve as well as well as Italian European Affairs Minister Enzo Moavero backed this call.

The June accord paved the way for the eurozone’s future 500-billion-euro ($600 billion) bailout fund to recapitalise ailing banks directly, without adding to the national debts of struggling countries.

Eurozone leaders have already approved exceptional loans of up to 100 billion euros for Spanish banks that have been destabilized by huge losses on risky property loans.

But with Spain’s borrowing costs spiraling out of control market fears are mounting that Madrid could soon require a full-blown international bailout.

The row over the alleged joint statement comes on the eve of a meeting in Paris between Spanish Economy Minister Luis de Guindos and his French counterpart Pierre Moscovici.

De Guindos was to meet with German Finance Minister Wolfgang Schaeuble in Berlin later on Tuesday. (Expatica Spain)

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5 comments

  1. Almost to the day, 1 year ago, a not so famous but deadly accurate commentator wrote this piece

    http://www.golemxiv.co.uk/2011/07/how-to-hide-debts-spain-shows-how-its-done-blueprint-for-italy/

    In it, this particular paragraph sticks out like a sore thumb:

    “Everyone has ‘known’ the Spanish regions were lying. Everyone except the Spanish government and Central bank that is who both claimed it was all declared and there was nothing at all to worry about. Spain they loved to say, was not Greece. No it’s not. It’s bigger and much, much worse. Only Italy would be worse for Europe’s banks. And this revelation says to me that Italy might well have worse in store.”

    And he goes on to show the trick in “creative accounting” which allowed and still allows the ostrich-policy to thrive.
    This Spanish “announcement” is nothing short of a child, caught with its hand in the cookie jar, throwing a final tantrum before it get’s a slap on the bottom and is told “no more cookies”. In this case, you can add the word “ever”.
    This, folks, is a sure sign of unbridled panic because the Euro-game is up. The only question left to answer is how long will they manage to postpone the inevitable, and consequently prolong the human suffering?
    Again, it’s time to say “enough”.

  2. Some good points (not that I agree on all of them, though). However, it’s a bit surprising that you advice saying “enough” to Spain while you vehemently oppose commenters like your’s truely who propose to say the same to Greece. Hmm, don’t you admit there’s a bit of a double standard in this?

  3. My wish is for people, be they Greek, Spanish, Portuguese and god forbid even German to say “enough” to the exploitation of complete societies in order to safeguard the untennable position of those who got to where they are through that exploitation. The same action on opposite sides of an argument has similar but opposite results, not identical ones…there are no double standards, not on this side of the argument anyway.

    • As I already pointed out, this will only work if we all shout “enough” and change the rules of globalisation. Including the Brits, the Yankees and the Chinese. But their powerful fat cats merrily suppport the race to the bottom, and the majority of the people suffering under that seem to be unable to do anything about that. As long as the forces of evil hypercapitalism aren’t reigned in, we Europeans most probably will be unable to escape their influence. All we can hope for is to uphold a slightly more social version of US/UK/Chinese capitalism.

      Maybe an Europe that unites behind a plan for a socially fair enonomy and gathers supporters among other nations will eventually manage to gain the critical mass to enforce real changes. But as long as we can’t even agree on a common tax system (that demands a fair share of the burden from the capitalists) that’s just science fiction so far. Sad fact is, the race to the bottom is still on in the EU. Just look at Bulgaria’s corporate tax rates.

  4. “Including the Brits, the Yankees and the Chinese. But their powerful fat cats merrily suppport the race to the bottom,”

    AND WHAT DO YOU THINK AUSTERITY IS ALL ABOUT???

    race to the bottom in terms of wages, welfare, health care, social care, the lot. If you can’t afford it, tough luck. We’ll take away your oxygen machine and find somebody who has the money. Which be the mechanics of things has to be one of the elite, because nobody else has money anymore.

    ” As long as the forces of evil hypercapitalism aren’t reigned in, we Europeans most probably will be unable to escape their influence.”

    I’m glad you see it my way. Now, why don’t you give us a hand and start heeding the message instead of shooting the messenger, and start at home, European craddle of hypercapitalism at any cost??