Spanish PM Mariano Rajoy Refuses to Accept Bailout that Dictates Cuts

Spain’s Prime Minister Mariano Rajoy has said he would not accept an economic rescue that dictates spending cuts or touches old-age pensions.

from Telegraph.co.uk

“I could not accept that they tell us which are the concrete policies in which we have to cut or not cut,” the prime minister said as the eurozone’s fourth biggest economy lurched towards a bailout, AFP reported.

“If there is one area I won’t touch it is pensions because the pensioner is the most fragile person,” the 57-year-old leader said in his first television interview since taking power in December last year.

Even as Spain faced high long-term borrowing costs, about €30bn (£24bn) in debt repayments due in October, a deepening recession and a jobless rate of nearly 25pc, he vowed not to be rushed.

Mr Rajoy told public television channel TVE that his conservative Popular Party government would carefully study the conditions of any sovereign bailout, just like any householder seeking a credit.

Continue Reading at Telegraph.co.uk…

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