Spain is overcoming crisis

Spain's Prime Minister Mariano Rajoy said here on Saturday that his country is beginning to get out of the serious economic crisis as a result of a deep plan of structural reforms to improve the outlook. Addressing the 23rd Ibero-American Summit, Rajoy said Spain is establishing the bases for a more competitive and flexible economy, capable of growing and generating employment. The economic policy measures implemented in Spain are based on a policy of fiscal consolidation at all administrative levels, an ambitious program of structural reforms to improve the markets' behavior and boost competitiveness, as well as a deep reform of the financial system, Rajoy said. These measures are achieving a positive outcome to reduce public deficit, a larger dynamism of external sector and restoring the markets' confidence, he added. He said his government estimates that the Spanish economy will grow 0.5 percent in 2014, when it overcomes the 2013 recession. Spain will offer good and renovated opportunities and will be pleased that Latin American companies come to his country to continue building the increasingly solid Ibero-American space, the prime minister said. "Latin America has a very significant role in our recovery," Rajoy said. Spain is Latin America's second investor and contributes to generating jobs and opportunities and Spanish companies in the region have a long-term commitment in the region, he said. Spain is also an opportunity for Latin America with its 47- million people market and because it is a gateway to Europe, he added. The Ibero-American summit, which started Friday night, is gathering leaders of 19 Latin American and three Iberian Peninsula countries - Spain, Portugal and Andorra. The theme of this summit, dubbed "The political, economic, social and cultural role of the Ibero-American Community within the new global context," offers the framework for discussions on " the socio-economic development of the countries, as well as the renovation of this mechanism for political dialogue and cooperation talks."